**The below message has been added to all SCORE Chapters' Constant Contact accounts. Please feel free to customize and forward to your clients. You can also reference the Small Business Resilience site herefor client-related information to use with your mentees.**
The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.
The SBA will:
Immediately implement (starting tomorrow, Wednesday, February 24) 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.
Address waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database, and public records.
Promote transparency and accountability by improving the PPP loan application.
Improve the Emergency Relief Digital Front Door.
Continue to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
Funded in part through a Cooperative Agreement with the U.S. Small Business Administration. All opinions, conclusions, and/or recommendations expressed herein are those of the author(s) and do not necessarily reflect the views of the SBA.