First Draw PPP Loans
If you have not received a PPP loan before, First Draw PPP Loans may be available to you.
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.
All applications already submitted by lenders to the SBA before the start of the exclusivity period will still be processed by SBA. During the two-week period, SBA will not accept new applications from lenders for businesses and nonprofits with 20 or more employees, so that lenders can focus on serving smaller companies. Once the exclusivity period ends, lenders will be able to submit PPP loan applications for all eligible businesses and nonprofits again.
DON’T MISS THE WINDOW – APPLY WITH A MATCHING BANK OR THROUGH NAV
- Lender Match Search: https://www.sba.gov/PaycheckProtection/find
- Program Details: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans
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
- Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees
- 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
FIND A QUALIFIED LENDER NEAR YOU – https://www.sba.gov/PaycheckProtection/find
NAV has teamed up with SmartBiz to provide PPP loans. Even for sole prop, self-employed and independent contractors. If you have a Nav account, you can apply from inside your portal.
You can apply directly with SmartBiz using this link: