Important PPP changes will include:
- Starting on February 24, 2021 through March 9, 2021, SBA will only accept PPP loan applications for businesses and nonprofits with fewer than 20 employees
- The following changes will be implemented the first week in March:
- 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 the restriction that prevents small business owners with prior non-fraud felony convictions from obtaining a PPP loan
- Eliminate the restriction that prevents small business owners who are delinquent on their federal student loans from obtaining a PPP loan
- Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers to apply for PPP loans
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Click here to read the full White House Fact Sheet on these PPP changes
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Click here for an update on the PPP Funding Report as of February 21, 2021
More formal guidance will be made available soon, at which point we will share via these newsletter alerts.
It's anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.AJ-Law.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
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