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New SBA PPP Guidance Prioritizes Businesses and Nonprofits with Fewer Than 20 Employees

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. 

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All loans subject to credit approval and final guidance from the SBA on the Paycheck Protection Program. Funds are limited and subject to availability.

The information provided is solely for general knowledge and does not provide any professional advice regarding tax, accounting, legal, financial, or any other professional service. PPP borrowers should contact their professional service providers for a complete understanding of the PPP program requirements and forgiveness processes.

SBA regulations regarding the PPP program are subject to further limitations and changes. Borrowers must follow current regulations and processes based on SBA guidelines. All characteristics described above are from the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), and/or the Coronavirus Response and Relief Supplemental Appropriations Act. The terms and information outlined above are subject to change upon further rulemaking or guidance from the U.S. Small Business Administration and the U.S. government.