PPP Loan Forgiveness for the very smallest businesses & other changes

PPP Loan Forgiveness for the very smallest businesses & other changes

Notice: Exclusivity period for the very smallest businesses & other changes

A 14-day exclusivity period for businesses and nonprofits with fewer than 20 employees will begin on Wednesday, February 24, 2021, at 9 am ET and end on Tuesday, March 9, 2021, at 5pm ET.

If you have any questions please contact KCEDC at (920) 255-1661.

Who may qualify

The following entities affected by Coronavirus (COVID-19) may be eligible:

  • Sole proprietors, independent contractors, and self-employed persons
  • Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard if more than 500
  • Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location

The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. First Draw PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.

SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

Visit the SBA website for forgiveness terms and when and how to apply.