Changes to PPP Loan Program to Benefit More Small Businesses
The Small Business Association is implementing several changes to their Payroll Protection Program (PPP) loans in order to help more small businesses. The changes begin Feb. 24.
~Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
~Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
~Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
~Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
~Ensure 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 actions will help to lay the foundation for a robust and equitable recovery for small businesses across the country. Small businesses employ nearly half of the American workforce; they create 2 out of 3 net new private-sector jobs; they reinvest 68% of revenues to build and sustain communities.
Form for First Draw Applicants
Form for Second Draw Applicants
SBA Lender Match Website