Starting today, small businesses are being prioritized for PPP loan applications. From today through March 10, the Small Business Administration will offer PPP loans exclusively to businesses with 20 or less employees and sole proprietors. Larger businesses still have through March 31 to apply for the second round of PPP loans. A reminder, these loans can be forgiven if requirements are followed properly.
This announcement comes from the Biden administration. Details of other changes to the PPP loans for other under-served businesses, such as a revised formula for sole proprietors and independent contractors, can be found here.
For more information on how to apply for the first or second round of PPP loans, visit here.
The actual application for a PPP Loan is done through local financial institutions. For a list of Chamber member financial institutions visit grundychamber.com here.
The Chamber continues to make COVID-19 resources available on grundychamber.com and on its social media pages. Please continue to check in with us and reach out if the Chamber can be of any help to you during this difficult time for our business community.