The State Small Business Credit Initiative (SSBCI) is a federally-funded program intended to attract lenders & investors to help with funding businesses that can’t get conventional business loans from banks & lending institutions.
The AK SBDC is the administrative lead on the program for Alaska, and will deploy the funding to lenders and investment funds.
On Thursday, March 25, 2021, Congress passed a bill to extend the loan application deadline for the Paycheck Protection Program (PPP) to May 31, 2021. This extension also gives the SBA through June 30, 2021, to process lender applications.
The PPP Extension Act of 2021 is expected to be signed into law by President Biden before March 31, 2021.