The Biden-Harris administration recently announced several changes to the Paycheck Protection Program (PPP) in an effort to target small businesses previously left behind during the first round of funding in 2020.
A summary of these changes are outlined in the linked fact sheet from the White House; and include the following key highlights:
Establishes a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
Allows 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.
Eliminates an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal.
Eliminates 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.
Ensures 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
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