PPP Round 2 Loans, Time Sensitive:
If your business is applying for round 2 of PPP, please read on...
The Biden White House announced Monday, 2/22, that starting on Wednesday and lasting for the next 2 weeks, only those businesses with 20 or fewer employees can apply for PPP2. This doesn't mean that if you have more employees your business is ineligible. It just means that application preference is being given to small companies.
About half of the $284b allocated to PPP2 has already been funded.
If your business has more than 20 employees and your application for PPP2 has already been submitted, I suggest you reach out to your lender and make sure your application is in process. If bank underwriting noted any exceptions in the application, now's the time to swiftly handle those.
If you have questions, please let us know.