PPP Loans: New Exclusivity Period for Small Businesses
In order to promote more equitable access to COVID-19 relief for small businesses, the Biden-Harris administration announced a new “exclusivity period” for PPP Loan Applications.
A 14-day exclusivity period for businesses and nonprofits with fewer than 20 employees will begin on Wednesday, February 24, 2021, at 9 am ET and end on Tuesday, March 9, 2021, at 5pm ET.
During this two-week period, SBA will not accept new applications from lenders for businesses and nonprofits with 20 or more employees, so that lenders can focus on serving smaller companies and “micro” businesses.
The Targeted EIDL Advance provides businesses located in low-income communities with additional funds to ensure small business continuity, adaptation, and resiliency. Advance funds of up to $10,000 will be available to applicants located in low-income communities who previously received an EIDL Advance for less than $10,000, or those who applied but received no funds due to lack of available program funding.
To see if your business is in a low-income community and will qualify, use this New Mapping Tool.
Remember, if you qualify, THE SBA WILL CONTACT YOU.
SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 – $9,000). Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
All communications from SBA will be sent from an official government email with an @sba.gov ending. Please do not send sensitive information via email to any address that does not end in @sba.gov.