President Joseph Biden announced that he would direct the Small Business Administration to only accept PPP applications from self-employed/sole proprietors and companies with fewer than 20 employees for 14 days beginning this week. This prioritizes our industry applicants more than any other economic sector!
And this second round of $284B of PPP allows our booth/suite renters, independent contractors and salon owners to receive 100% forgivable loans (meaning you’ll never have to pay it back!).
To take advantage of this badly needed government assistance, the PBFC established relationships with SBA approved lenders to create an unprecedented online portal in which our beauty/barbering professionals can submit their entire application. Our lead lender, Adesso Capital, also established a call center that is available to assist applicants successfully submit their required paperwork. And we opened this up to barbering and beauty professionals in all 50 states.
As of yesterday, over 12,150 industry professionals and shop owners had already accessed our online portal, with over $25M in SBA approved loans going out to our industry in real time. Everyone who isn’t a W-2 employee should be applying, especially in the next two weeks, when our industry applications will be among the only ones being processed by SBA!
If you haven’t already, please follow our Facebook page for more regular updates about this PPP funding opportunity, our ongoing federal court lawsuit against Governor Newsom to permanently keep our salons/shops/spas opened, and a host of other advocacy efforts to defend and promote our beloved industry.
Here is our Facebook page: PBFC Facebook
We are also on Intagram, @ProBeautyFederation
Finally, if you haven’t yet, here’s the portal to begin your PPP application: PBFC PPP
Oh, and there’s been great media coverage of this exciting opportunity, like these articles: