Today the Biden Administration announced that from 9:00 AM EST on Wednesday, February 24 until 5:00 PM EST on Tuesday, March 9, only those small businesses with fewer than 20 employees may apply for and receive PPP funds. Clients with 20 or fewer employees should be prepared to act quickly to take advantage of the limited window of time.
For businesses with 20 or more employees who have already taken steps to complete the application, we highly recommend that you submit the application before 5 PM PST tomorrow, February 23, 2021, ahead of Wednesday’s deadline in order to get in line and to be in close contact with your lender. At this time, the Biden Administration has not indicated that the March 31 deadline for all PPP applications will be extended.
As always, we will keep you posted with updates as we get them. In the meantime, should you have any questions on this or need further guidance, please reach out and let us know!