PPP Program Prioritizes Smallest of Small Businesses

Changes in the PPP Program to Prioritize Smallest of Small Businesses:

  •  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. and end on March 9, 2021 at 5:00 pm. The program will be open to all eligible entities March 10 through March 31, 2021.
  • Sole proprietors, independent contractors, and self-employed individuals may receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Elimination of an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal.
  • Elimination of 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
  • 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.

Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP Loan Application or the Second Draw PPP Loan Application and working with a participating PPP lender through the SBA Lender Match tool. Updated PPP information, including forms, guidance, and resources is available here and here.