A number of changes have been made to the Paycheck Protection Program (PPP) this week that the Alaska SBDC and Anchorage Economic Development Corporation (AEDC) want Alaskans to be aware of. Here’s what is new with an outline of available resources:
Mom and Pop Businesses Prioritized
(Vea el comunicado de prensa en español aquí)
Beginning on Wednesday, February 24th through Wednesday, March 10th, the Small Business Administration (SBA) will exclusively offer PPP loans to small businesses and sole proprietors with less than 20 employees.
This 14-day window is to make the PPP more accessible for Mom and Pop businesses and nonprofits, as well as remove restrictions for prior non-fraud felony convictions, individuals with student loan delinquency/default statuses, and non-citizen but lawful U.S. residents:
These changes are to further reach women-owned, minority-owned, and low-income, rural, and underserved businesses and communities in a more intentional way
For businesses with fewer than 10 employees, the share of funding is up nearly 60%
For businesses in rural communities, the share of funding is up nearly 30%
If you’re interested in applying for the PPP, we encourage you to take advantage of this 14-day window. If you’re just getting started, you’ll want to connect with a PPP lender in Alaska. Review who is participating here!
Child Care Providers and the PPP
Both non-profit and for-profit child care providers are eligible for the PPP. The March 31 PPP application deadline is quickly approaching – contact us if you need any support in preparing your application and connecting with a participating lender!
Confused about the First and Second PPP Draws?
- First Draw PPP Loans: Haven’t applied for PPP? This option is still available
- Second Draw PPP: Have received PPP and may be eligible for more?
- Learn About PPP Loan Forgiveness
Perplexed by the Paycheck Protection Program (PPP)?
Alaska SBDC’s on-demand video is a step-by-step walk-through of the PPP application for both the first and second draw opportunities. Register and watch at your convenience here.
Live PPP Briefing Webinars
The Alaska SBDC hosts Coronavirus opportunity briefings every Tuesday for small businesses. On Feb. 24, the Alaska SBDC in partnership with the Foraker Group and the SBA discussed the changes to the EIDL and the PPP. You can watch that webinar here.
Join the upcoming PPP webinar, Wednesday, March 3 by saving your virtual seat here.
Coronavirus Recovery Information in Additional Languages
The SBA is providing materials in languages other than English to help business owners recover. Access information in additional languages here.
Looking Ahead
As of February 21, Alaska has received 4,732 PPP loans for a total of $434,449,570 since January 11th; the full report can be viewed here.
More PPP changes are coming and AEDC and the Alaska SBDC are working together to make sure this information is available to Alaskans as soon as possible.
For up-to-date material at your convenience, Alaska SBDC maintains a COVID-19 Resource Center. You can also connect with us on Facebook, Instagram, and Twitter. If you have questions, an Alaska SBDC Business Advisor can guide you through the process – just register to meet at no cost here.