02/23/2021 | Press release | Distributed by Public on 02/23/2021 17:41
WASHINGTON, D.C. - U.S. Senator Tom Carper (D-Del.) today released a statement on the Biden Administration's decision to provide two weeks of exclusive access to the Small Business Administration's Paycheck Protection Program (PPP) for businesses with fewer than 20 employees.
'This announcement is a major win for First State small businesses,' said Carper. 'President Biden's reform of the Paycheck Protection Program will protect livelihoods, help our smallest businesses recover and bolster economic growth in communities throughout the country hurting from this economic crisis. For too long, this well-intentioned program has not delivered for many smaller firms that lacked the relationships with larger lenders. This decision will target loans towards the businesses and employees who need assistance the most and the ones in our neighborhoods that we often rely on most. I encourage Delaware small business owners to take advantage of this important reform.'
From February 24 through March 10, only firms with fewer than 20 employees will be able to apply for PPP loans through the Small Business Administration (SBA). PPP loans are fully forgivable loans, provided the borrower spends at least 60 percent of the loan proceeds on payroll and use the remaining funds to cover certain eligible expenses. The program, which had been closed since August 8, reopened last month after receiving $284 billion from December's COVID relief package.
Employers should follow this link to both find a PPP lender and apply for either their first or second PPP loan.
Delaware business owners with questions regarding the program are encouraged to contact the SBA's Delaware District Office in Wilmington using the below information:
SBA Delaware District Office
1105 N. Market St., Lobby Level
Wilmington, DE 19801
Phone: (302) 300-1935
Fax: (302) 573-6060
Hours of Operation: Monday through Friday from 8:00 AM to 4:30 PM