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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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SBA no longer accepting new PPP loan applications
The SBA has stopped accepting new applications for the Paycheck Protection Program from most lenders, almost a full month ahead of the loan’s application deadline.
Will 2 months and $60 billion be enough for PPP?
A week ago, on Tuesday, March 30, 2021, the President signed into law the PPP Extension Act of 2021. About $60 billion remain available in SBA Loan funding.
PPP Grants Additional Funds for Schedule C’s and Independent Contractors
A few weeks ago, the Biden Administration passed new legislation helping Schedule C’s and Independent contractors with the ability to gain more PPP funding
PPP Program Extension signed by President Joe Biden
Today March 30, 2021 President Joe Biden signed the PPP Program Extension, postponing the deadline to May 31, 2021. How does this affect you?
PPP vs SVOG vs EIDL: Do I Qualify for all of them?
PPP vs SVOG vs EIDL, Considering applying for different funds? Here’s an analysis of requirements to meet when considering different loans.
Paycheck Protection Program Application 2021
The Paycheck Protection Program (PPP) is a loan program under the Coronavirus aid, Relief, and Economic Security (CARES) Act aimed to provide relief to small businesses affected by the COVID-19 pandemic.