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Biden Changes PPP Rules to Help the Self-Employed
The white house announced on February 23, 2021 changes to the PPP program to give a significant boost to small businesses and self-employed individuals.
Here are the PPP Updates:
- Establish a dedicated 14-day period (starting Wednesday) for businesses with 20 or fewer employees to apply for relief through the PPP
- Review the loan arithmetic formula for independent contractors, sole proprietors, and self-employed individuals
- Remove an exclusionary condition that prevented small business owners with prior non-fraud felony convictions from receiving relief
- Remove an exclusionary condition that prevented small business owners from receiving relief if they were delinquent on their federal student loans
- Provide access for lawful U.S. resident small business owners to get relief
- Improve the Loan Application process to promote transparency
This may allow you request your bank a larger SBA Loan amount or will allow many who did not qualify to do so!
Let’s schedule a time to talk about it:
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