An exclusive PPP loan application for businesses and nonprofits with fewer than 20 employees will be open from February 24, 2021 to March 9, 2021 at 5:00 pm ET through the PPP portal.
Signed into law in late 2020 the new Economic Aid act extended the EIDL (Economic Injury Disaster Loan) deadline to December 31, 2021 and set aside additional budget for PPP loans to help alleviate the financial burden on small businesses as the result of the coronavirus pandemic.
- Revisions allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support from the PPP program
- New language eliminates a restriction on small business owners with non-financial fraud felony convictions
The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
The SBA will:
- Immediately implement a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
- 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 (ITIN) to apply for the PPP.
- Addressing waste, fraud, and abuse across all federal programs. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database and public records.
- Promoting transparency and accountability by improving the PPP loan application.
- Improving the Emergency Relief Digital Front Door.
- Continuing to conduct extensive stakeholder outreach to learn more about challenges and opportunities in the implementation of current emergency relief programs.
- Enhancing the current lender engagement model.
- Beginning 1/11/21 the PPP portal will re-open for applications
- On 1/11/21 and 1/12/21 applications will only be accepted from community institutions to provide access for underserved communities and minority-owned businesses
- EIDL deadline extended through December 31, 2021
More PPP loans, EIDL grants, Pandemic Unemployment benefits, and other small business relief are coming soon. Here we do our best to explain the legislation that includes a new... Read more
SCORE Live Webinar: The Latest on PPP and Federal Stimulus Relief Efforts - 3/4/21 at 2 PM ET
Join this timely webinar, presented by Small Business Majority's Brian Pifer, outlining the small business provisions in the current iteration of the stimulus relief package, as well as the latest changes to the Paycheck Protection Program.
The Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. If you are a small business owner with 20 employees or less, or are self-employed; there is new information for you. Please join us for a series of webinars hosted by the U.S. Small Business Administration, Public Private Strategies Institute, & other stakeholders to hear about:
- What steps you can take now to take advantage of this special opportunity, which closes at 5:00 P.M. EST, Tuesday, March 9th, 2021.
- Additional changes and recent policy announcements made by Biden-Harris Administration
- Have your questions answered by SBA Leadership
New PPP Rules Change Briefing for Asian-American + Pacific Islander, Native American + Tribal Small Business Owners