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Paycheck Protection Program (PPP) updates from the White House unveiled

Earlier this week on February 22nd, the White House unveiled reforms to the Paycheck Protection Program (PPP). These reforms aim to further target the PPP to the smallest businesses and those that have been left behind in previous relief efforts, and will:

  • Institute a 14-day period, starting Wednesday (02/24), during which only businesses with fewer than 20 employees can apply for relief through the Program.
  • Revise the loan calculation formula for these applicants so that it offers more relief, and establish a $1 billion set aside for businesses in this category without employees located in low- and moderate-income (LMI) areas.
  • Eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
  • Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief.

For more information, see the full announcement from the White House.

https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/

En Espańol: “Biden impulsa ayudas a los negocios más pequeños o dirigidos por inmigrantes” https://es.finance.yahoo.com/noticias/biden-impulsa-ayudas-negocios-peque%C3%B1os-194905872.html

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