From PPP Funding … to PPP Forgiveness
Anyone who has followed our recent work will know that the PBFC established an unprecedented, nationwide program to get our industry badly needed and well-deserved PPP relief funds from the federal government. That effort helped guide thousands of behind-the-chair professionals and establishment owners to this little pot of gold, something of which we are very proud.
We firmly believe absent our partnerships with SBA-approved lenders and massively marketing our online Paycheck Protection Program application portal, most of our successful recipients would’ve never known how to apply or receive this government assistance. And it couldn’t have come at a better time for our battered industry, which had been marginalized, disrespected or ignored by our governing officials for nearly a year.
However, all good things must come to an end, and so it is with PPP. The Small Business Administration (SBA) just announced the PPP fund is nearly empty, so they are no longer accepting new applications. Therefore, we will be refocusing our resources on assisting all successful recipients through the forgiveness process, including repurposing our PPP launch page to that sole aim.
The SBA will only accept forgiveness applications delivered to them by the lender who awarded the loan. And because SBA is still tinkering with a more streamlined application process (particularly for small loans that were typical for our industry), most lenders are delaying publicizing their internal application process until SBA finalizes the latest loan forgiveness criteria and disclosure requirements.
So stay tuned to our PPP page for the latest information. We retooled it to refocus it from applying for PPP to providing direction as to how to gain PPP loan forgiveness:
As soon as our major lender partners (Biz2Credit, Cross River, and Adesso) have posted their streamlined forgiveness applications, we will provide direct links on our page.
The PBFC continues to stand tall and in solidarity with all our licensed professionals and establishment owners, defending, promoting and advocating for our beloved industry. In the past 13 months, we have filed two federal court injunctions against our callous Governor, organized statewide grassroots #OpenSalonsNow demonstrations, conducted effective media outreach around the plight of our lock-downed but always SAFE! businesses, and helped guide thousands to badly needed government relief funds.
Our work will continue, but only with the support and membership of everyone earning a beauty/barbering income in the Golden State. If you’ve already joined, be sure to renew your membership dues each year. If you haven’t joined yet, please do so. And please encourage all of our industry colleagues to do likewise: