Providing information and guidance in regards to the federal PPP programs, the Professional Beauty Federation (PBFC) and Adesso Capital, its SBA approved lending partner, are working together to ensure beauty professionals understand the laws, relief programs and eligibility for these financial relief programs — which were extended to beauty professionals to May 31, 2021. Learn more about the programs in place and the resources you can use to access the financial relief assistance in place below.
The Professional Beauty Federation (PBFC) is pleased to announce that Congress has passed a two-month extension of the PPP relief program from March 31 to May 31, 2021, which the President just signed into law today. This gives the beauty industry two more months to get their first — and even a second — draw from these 100% 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.
PBFC and Adesso Capital, its SBA approved lending partner, has been a leading innovator in designing an online portal specifically for personal care professionals in the beauty/barbering industry to direct, assist and ensure that these hard-hit professionals get their fair share of federal assistance funding. The beauty industry was one of the most negatively impacted by the Covid lockdowns of safe salons, spas and barbershops, ran by those with the disinfection training and cross-contamination knowledge that are an integral part of their professional license.
PBFC Legal Counsel and Advocate, Fred Jones, stated “PBFC and Adesso have been on the leading edge of this second round of PPP, even before Congress passed the new PPP extension back in December 2020. 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.”
In addition to the extension of the current round of funding, those industry professionals and salon owners who were successful in receiving their first PPP draw, the PBFC is reinforcing and confirming everyone is entitled to two, full draws on PPP. This means if a booth renter, salon suite owner, independent contractor or establishment owner received the first draw either last summer or post-December 2020, they are still entitled to re-apply for a second draw, now through May 31.
To apply or get more information, please go to 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. In addition, they have increased customer service capabilities to assist people with a toll-free phone number: 1-888-600-7380.
