President Biden announced that through Tuesday March 9, 2021 the Small Business Administration (SBA) will exclusively accept applications for Paycheck Protection Program (PPP) loans from businesses and nonprofits with fewer than 20 employees.
During the 14-day exclusive period, financial institutions are still allowed take and review applications from all size small businesses, but they will not submit new applications to the SBA for businesses with 20 or more employees until Wednesday March 10, 2021.
The way orchestra’s determine employees could mean this dedicated period of time may become a hesitation. But for a host of other performing arts orgs and related small businesses, this is a real benefit.
PPP round two is scheduled to expire Wednesday March 31, 2021 so if you have yet to apply, don’t procrastinate.