President Biden announced changes this week to the Paycheck Protection business loan program that will focus more attention on smaller businesses. The program has been the lifeblood of small and medium businesses throughout the pandemic.
Among the changes to be instituted by the Small Business Administration:
- Restrict the PPP for 14-days, beginning on Wednesday, February 24, 2021, for small businesses with 20 employees or less
- Amend the PPP loan funding formula for independent contractors, sole proprietors, and self-employed individuals to receive more financial support
- Retool PPP eligibility for those with a criminal history by reducing restrictions on those with non-financial related crimes
- Revise guidance to make it easier for green card or some visa holders to receive aid
- Remove restrictions for small business owners who are delinquent on student loan payments
If you have questions about these changes, contact Rose Gundersen, VP of Operations & Retail Services, at 360-200-6452 or [email protected].