On Wednesday, the Small Business Administration (SBA) opened an exclusive 14-day Paycheck Protection Program (PPP) loan application window for businesses and nonprofits with fewer than 20 employees. The priority window will only be open Wednesday, Feb. 24 through Tuesday, March 9, 2021.
The goal is to prioritize loans for small and minority-owned businesses who were unable to access PPP funds in the past — 98 percent of small businesses employ fewer than 20 people, but have received only 45 percent of PPP funding thus far, according to the SBA.
If it’s your first time applying for the Paycheck Protection Program, you can download and fill out the First Draw PPP loan application. For borrowers that previously received a PPP loan in 2020, you need to fill out the Second Draw PPP loan application.
Participating PPP lenders in your zip code can be found through the SBA lender search tool, and there are lots of options in Phoenix.
The SBA also announced new reforms to the program, which roll out in early March. Those reforms include:
If you are a Downtown Phoenix small business with questions about the PPP loan, contact Sara Scoville-Weaver, senior business development manager with the Downtown Phoenix Partnership, at email@example.com or call 602-744-6408.