​Businesses, Nonprofits with Fewer Than 20 Employees Have Access to Two-Week PPP

Mom-and-pop businesses and small nonprofits have exclusive access to the Paycheck Protection Program from Feb. 24-March 9.

The 14-day window is for businesses and nonprofits with fewer than 20 employees. It’s meant to help smaller companies that often have a harder time than their larger counterparts getting funding from banks and other financial institutions.

According to the Small Business Administration, the organization will also:

• Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for those applicants;
• Eliminate an exclusionary restriction on PPP access for small business owners with previous non-fraud felony convictions;
• 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 to apply for the PPP.

If you have questions about PPP for your business — large or small — reach out to us today.

This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.