SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program
SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program; Steps to Promote Equitable Relief for Mom-and-Pop Businesses
"The latest round of Paycheck Protection Program funding opened one month ago is making major improvements to the program’s implementation:
For businesses with fewer than ten employees, the share of funding is up nearly 60%
For businesses in rural communities, the share of funding is up nearly 30%
The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week."
(Shared from North Country Chamber of Commerce.) More details here!