For a two-week period, the Small Business Administration and Paycheck Protection Program lenders will process loan applications ONLY from nonprofits and for-profit businesses with fewer than 20 employees.
Starting Wednesday, February 24 and running through Tuesday, March 9, the exclusive small-employer PPP processing window is designed to provide more equitable relief by “targeting the PPP to the smallest businesses and those that have been left behind in previous relief efforts” to ensure that lenders give smaller employers the attention they need to work their way through the application process.
If you think your nonprofit may be eligible for an initial PPP loan or a second draw loan Congress authorized at the end of 2020, now is the best time to contact a lender and find out how much relief may be available. Learn more at SBA.gov.
Questions? Join the Alaska Small Business Development Center each Wednesday at 2:00pm to speak to COVID relief advisors. Foraker will be on the line ready to answer nonprofit-specific questions and the SBA district office will be there to help with SBA related questions. Register here.