Congress has passed a two-month extension of the PPP relief program from March 31 to May 31, 2021, The Professional Beauty Federation (PBFC) announced. This gives the beauty industry two more months to get their first or second draw from these 100 percent forgivable PPP loans and inject much needed dollars directly to independent stylists, salon suite owners, salon owners and 1099 booth-renting independent contractors. The federal PPP relief program is tailored for beauty professionals to employ and make the most of once they submit.
The beauty industry was one of the most negatively impacted by the COVID-19 lockdowns of safe salons, spas and barbershops, run by those with the disinfection training and cross-contamination knowledge that are an integral part of their professional license.
“PBFC and Adesso [its SBA approved lending partner] have been on the leading edge of this second round of PPP, even before Congress passed the new PPP extension back in December 2020," said PBFC legal counsel and advocate Fred Jones in a press release. "That’s because we learned by sad experience that most in our industry didn’t know they were eligible for PPP during the first round issued back in the summer of 2020. Our industry is populated by the most dynamic creative artists, not accountants, many of whom lack working relationships with financial institutions who could’ve informed and assisted them with their PPP applications.”
Additionally, industry professionals and salon owners who were successful in receiving their first PPP draw are entitled to two full draws on PPP. This means if a booth renter, salon suite owner, independent contractor or establishment owner received a first draw either last summer or post-December 2020, they are still entitled to reapply for a second draw, now through May 31.
To apply or get more information, visit https://federationplans.com/ppp.
PBFC and Adesso will assist all industry professionals with the forgiveness process, providing all of the information and links to the relevant SBA application forms to ensure that none of these loans become debt that ever has to be paid back. For help applying, call 1-888-600-7380.