Today, the Biden-Harris administration announced the following modifications to the PPP program:
Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program
More help for sole proprietors, independent contractors, and self-employed individuals to receive more financial support. The loan calculation will be revised for these applicants to offer more relief, establish $1 billion set aside for such businesses in this category without employees located in low & moderate income areas
Eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program
Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.
Additional information can be found via this White House Fact Sheet. Details, such as the funding formula, are in progress.
We will share as we learn more. But please feel free to contact us if you have questions or concerns.
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