Changes to PPP Guidelines Help for the Smallest Businesses

Great news for the smallest business owners: starting Wednesday (02/24/21), there will be a 2 week period allowing only businesses with fewer than 20 employees to apply for PPP benefits and relief through this program.

Here is a brief summary of all the new changes to the PPP Guidelines being implemented:

Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
Consistent with a bipartisan bill, eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
Addressing waste, fraud, and abuse across all federal programs.
Promoting transparency and accountability by improving the PPP loan application.
Improving the Emergency Relief Digital Front Door.
Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
Enhancing the current lender engagement model.

To read the original Fact Sheet and learn more about each of these points, click on the button below.

Link to SBA

These are valuable programs that your business can use during uncertain times. Reach out to us today for assistance!