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To embed, copy and paste the code into your website or blog: On Monday, February 22, 2021, the Biden-Harris administration announced several reforms to the Paycheck Protection Program (“PPP“), including: Starting at 9 a.m. EST on Wednesday, February 24, 2021, through Tuesday, March 9, 2021 (the “ Exclusivity Period”), only eligible businesses with fewer than 20 employees can apply for relief through the PPP. During the Exclusivity Period, SBA will reject new applications for applicants with 20 or more employees unless such applications were submitted by lenders to SBA before the start of the Exclusivity Period. However, lenders may accept applications during the Exclusivity Period and hold them for submission following the expiration of the Exclusivity Period. For purposes of calculating employee headcount, the rules remain the same, and each employee counts as one, regardless if full-time, part-time, or seasonal.

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