Small Business
Updated February 23, 2021
Paycheck Protection Program
PPP is only open to employers with fewer than 20 employees for a 2-week period
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m. This will give lenders and community partners more time to work with the smallest businesses to submit their applications. Larger PPP-eligible businesses will have time to apply for and receive support before the program expires on March 31, 2021.
Additional changes will open the PPP to more underserved small businesses
While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:
- 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 student loan payments by eliminating student loan debt delinquency as a disqualifier 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.
Read the SBA announcement.
The stimulus package signed December 27, 2020 includes $284 billion for first and second forgivable Paycheck Protection Program loans, expanded PPP eligibility for nonprofit organizations and program modifications to serve small businesses, nonprofit organizations and independent restaurants.
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