“Everyone who isn’t a W-2 employee should be applying, especially before March 10, when the beauty industry applications will be among the only ones being processed in priority by the SBA.”
President Biden 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 until March 10, 2021. This prioritizes the beauty industry financial relief applicants more than any other economic sector. 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 this much needed government assistance to the beauty, barbering and spa industry, the PBFC established relationships with SBA approved lenders to create an unprecedented online portal in which beauty and barbering professionals can submit their entire application. The lead lender, Adesso Capital, also established a call center that is available to assist applicants to successfully submit their required paperwork across all 50 states. Beauty professionals can begin an application or gather more information at https://federationplans.com/ppp.
As of this posting, over 12,000 industry professionals and shop owners have accessed the online portal, with over $25M in SBA approved loans going out to the industry in real time with another $25 million in the process of full submission. Everyone who isn’t a W-2 employee should be applying, especially before March 10, when the beauty industry applications will be among the only ones being processed in priority by the SBA.
“Personal Care professionals in the beauty, barbering and spa industry were the sacrificial lambs to the Covid gods,” stated PBFC Legal Counsel and Advocate, Fred Jones. “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”
About PBFC
The PBFC is a nonprofit trade association that was formed in 1999 to give voice to the over 600,000 licensed barbering/beauty professionals in California to raise the professionalism of the beauty and barbering industry. While their mission has never changed, their scope of representation has expanded in recent months, as they blazed the reopening trail for all Personal Care professionals through two successive federal lawsuits against their Governor and a coordinated, statewide #OpenSalonsNow grassroots campaign. For more information please visit www.beautyfederation.org
About Adesso Capital
Adesso Capital provides financing solutions to small and medium-sized businesses. They have secured over $700 million in financing that have helped small businesses expand, manage cash flow, purchase new assets and inventory, and make improvements. They work with businesses across the US and offer an array of products, including term loans, lines of credit, SBA loans, accounts receivable financing, equipment loans, and start up loans. For more information please visit https://adessocapital.com
