The Small Business Administration (SBA) will establish a 14-day exclusive Paycheck Protection Program (PPP) Loan application window beginning on Wednesday, February 24, 2021 at 9 am ET through Wednesday, March 10, 2021. A business must have 20 or fewer employees or be a sole proprietorship to take advantage of this exclusive application window.
If an applicant does not have a lender already, a visit to this SBA webpage will assist with finding a lender and identifying whether a First or Second Draw Loan is appropriate. It will also provide links to loan applications and further details and qualifications for the loans.
In addition to the exclusive application window for America’s smallest businesses, the following changes have also been announced:
- Revised loan calculation formula to be implemented to provide greater access to sole proprietors, independent contractors, and self-employed individuals - Press reports indicate that the revised formula would not be retroactive, rather it would only be available to new applicants
- Set aside $1 billion of loan funds for business types identified above that do not have employees and are located in low- and moderate-income areas
- Removal of the restriction regarding small business owners with prior non-fraud felony convictions from the receipt of PPP relief
- Elimination of the restriction which prevented small business owners who are delinquent on federal student loans from obtaining PPP relief
- SBA to issue guidance that clarifies that non-citizen small business owners - Green Card or visa holders, for example - may use Individual Taxpayer Identification Numbers (ITIN) to apply for relief
The current round of PPP Loan funding expires on March 31, 2021.
Please visit our COVID- 19 and PPP Loan Resource Center for the latest news, links, and blog posts with information to help businesses and individuals through the challenges associated with the pandemic, including PPP Loan assistance. Contact us if we can be of assistance.
