On Monday, February 22, the Biden-Harris administration and the SBA announced the implementation of a series of measures designed to get financial help to the smallest of small businesses. For starters, the SBA opened a 14-day exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m. go through midnight on March 9, 2021.
Other important changes include ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
These changes to PPP will go into effect the first week of March along with three others:
- Sole proprietors, independent contractors, and self-employed individuals will be able to receive more financial support thanks to revisions to the PPP’s funding formula for these categories of applicants.
- Small business owners with prior non-fraud felony convictions, will now be eligible to apply (consistent with a bipartisan congressional proposal).
- People who have struggled to make federal student loan payments will now be eligible to apply.
For technical assistance or guidance in Spanish or English, call our Business Development Department now:
(651) 460-9154 | Bizsupport@ledcmn.org.
To learn more about these small business loans, read our post: PPP Technical Assistance for Small Businesses
See our list with the information and required documents: to process PPP loans.
Source: sba.gov
