The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
The SBA is currently offering PPP loans until May 31, 2021 with program changes to make access to PPP loans more equitable for underserved small businesses.
Specifically, the SBA established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This gives lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses still had plenty of time to apply for and receive support before the program expires on May 31, 2021.
Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.