In an effort to provide better access to PPP funding for small businesses, President Joseph Biden recently announced some changes to the PPP loan application process.
Beginning today, February 24, 2021 and continuing for 14 days, the SBA will only accept applications from businesses with fewer than 20 employees. This exclusive window for small businesses blocks bigger businesses from applying during this time frame.
Additionally, there are some changes in eligibility rules effective the first week in march. The self-employed, sole proprietors and independent contractors can now qualify for additional money, having been either previously excluded or received minimal amounts because the loans were calculated based on the number of employees. The program is also now open to small business owners with non-fraud related felonies, those who are delinquent on federal student loans, and some non-citizen business owners who are lawful US residents.
If you have any questions about applying for PPP funding, or PPP forgiveness, please do not hesitate to reach out. The Garibaldi Group focuses on the needs of small businesses and professional practices to help in their growth and success. Now that’s accounting done right!