On Feb. 22, 2021, the Biden Administration and the U.S. Small Business Administration (SBA) issued new program guidelines for the Paycheck Protection Program (PPP).
The SBA will be implementing a 14-day exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This 14-day period begins Wednesday, Feb. 24 at 9:00 a.m. (ET) and ends on March 9th at midnight (ET).
Beginning the first week of March, the SBA will be implementing a new funding formula for PPP applicants who are sole proprietors, independent contractors, or self-employed individuals to receive more financial support.
The new guidelines will also eliminate restrictions on PPP access for small business owners with prior non-fraud felony convictions and remove federal student loan debt delinquencies and defaults as disqualifiers from participating in PPP.
Additionally, the new guidelines will ensure that non-citizen small business owners who are lawful U.S. residents can access PPP with an Individual Taxpayer Identification Number (ITIN).
Visit the SBA website for more details.