WASHINGTON—The federal government’s signature coronavirus-relief program for small businesses will accept applications exclusively from firms with fewer than 20 employees for 14 days starting Wednesday, President Biden will announce Monday, according to administration officials.
The officials said the exclusive application window is one of several steps the Small Business Administration and other federal agencies will take to improve access to the Paycheck Protection Program for very small firms and those owned by minorities or located in underserved communities.
The PPP, which offers forgivable loans to small businesses to help them weather the economic impacts of the coronavirus pandemic, reopened in January after being closed since August. The loans are issued by lenders and backed by the SBA.
PPP applicants with fewer than 20 employees will be able to apply exclusively from 9 a.m. ET on Wednesday until 5 p.m. ET on March 9, an administration official said.
The program overall is slated to end March 31.
