The New Administration and U.S. Small Business Administration have made changes to the Paycheck Protection Program (PPP) to further promote equitable relief for America’s smallest businesses. The SBA will offer PPP loans to businesses with 20 or less employees and sole proprietors only starting Wednesday, February 24, 2021 at 9 am and closing March
9, 2021. Paycheck Protection Program loans can be converted into grants if eligible recipients use the funds to pay its workers as the program outlines.
In addition to the excusive application period, additional high-level changes to the PPP include:
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
Find more information and apply through the SBA website: Coronavirus (COVID-19): Small Business Guidance & Loan Resources (sba.gov)