President Joseph Biden just announced that he would direct the Small Business Administration (SBA) to only accept PPP applications from self-employed/sole proprietors and companies with fewer than 20 employees for 14 days beginning February 24, 2021.
This second round of $284 billion of PPP payments allows the independent stylist, booth/suite renters and salon owners with less than 20 employees to receive 100% forgivable loans.
To take advantage of the assistance, the PBFC established relationships with SBA approved
lenders to create an online portal in which beauty and barbering professionals can submit their entire application.
More than 12,000 industry professionals and shop owners have accessed the online portal, with more than $25 million in SBA approved loans going out to the industry in real time with another $25 million in the process of full submission.
PBFC legal counsel and advocate, Fred Jones said, “Personal care professionals in the beauty, barbering and spa industry were the sacrificial lambs to the COVID gods. We were marginalized because we weren’t understood, respected or feared by our elected officials. The PBFC’s coordinated #OpenSalonsNow grassroots campaign, two successive federal lawsuits, and now this unprecedented focus on PPP funding for our struggling professionals has raised our public esteem and political impact. We will no longer be unjustifiably sacrificed without a fight."