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Beginning Wednesday, February 24, a 14 day period has been instituted, during which only businesses with fewer than 20 employees can apply for relief through the Program. The period will allow lenders to focus on serving these smallest businesses.The SBA will:- Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees- 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.
Please see the link below:
If you know a business that was impacted by the severe winter storms and are located in a declared disaster area, you may be eligible for a low-interest disaster loan from the U.S. Small Business Administration.