Biden Announces Updates to Paycheck Protection Program Distribution, Eligibility
Earlier today, President Biden announced a series of updates to the Paycheck Protection Program, intended to help minority-owned and very small businesses that may have missed out on prior PPP funding.
Starting Wednesday, February 24, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for PPP funds.
In addition, some eligibility rules will change effective the first week of March:
- Self-employed, sole proprietors and independent contractors can now qualify for more funding.
- PPP funding will open to small business owners with non-fraud related felonies, those delinquent on their federal student loans and some non-citizen residents, such as Green Card holders or those in the country on visas. These groups were previously excluded from accessing PPP funds.
Keep in mind, more than half of the original $284 billion of Round 2 funding has not been dispersed.
Maner continues to recommend that businesses interested in PPP loan funding submit their applications to the U.S. Small Business Administration as soon as possible.
If you have questions about the process or could use some expert insight, contact us. We’re here to help.