Paycheck Protection Program

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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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