26 Feb Very Small and Underserved Businesses to Get PPP Money
Important Changes to Paycheck Protection Program (PPP):
In order to reach the smallest businesses, the SBA will offer PPP loans only to businesses and nonprofits with fewer than 20 employees and sole proprietors from 2/24/21 through 3/10/21. This 14-day period will give lenders and community partners more time to work with the applications of the smallest businesses while ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on 3/31/21. Additional changes to open the PPP to more underserved small businesses include:
- Revising the PPP’s funding formula for these applicants,
- Eliminating an exclusionary restriction related to prior non-fraud felony convictions,
- Eliminating student loan debt delinquency disqualification, and
- Ensuring access for noncitizens who are lawful U.S. residents by allowing use of an Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
For more information, see www.sba.gov.