What the latest round of PPP funding means for small businesses

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For small businesses, 2020 and COVID-19 meant taking stock of resources, and surviving by any means necessary. It’s estimated that up to 25-39% of all small businesses across the country could close for good as a result of the pandemic, which would have an immeasurable impact on their local communities for years to come. At the end of 2020, and into 2021, there was a new round of PPP funding, and a new administration eager to double down on helping small businesses.

As of February 24, the Biden Administration released another update to the SBA and PPP program that established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. Knowing the new round of funding brought some new relief for struggling small businesses, it’s important to note how the latest round affected business owners, and shed some light on how the SBA and PPP program could better serve these SMBs.