Beginning at 9:00 am on Wednesday, February 24, 2021, small business owners and nonprofits with fewer than 20 employees, will have an exclusive, 14-day application period to apply for a Paycheck Protection Program loan.
This exclusive period is part of the plan by the new administration to be more inclusive and 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.
To download a PPP First Draw Borrower Application Form, click here.
To download a PPP Second Draw Borrower Application Form, click here.
To use the SBA tool, Lender Match, click here.
In addition to the 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees, additional changes to improve the reach of the PPP program to small businesses will be implemented by the first week of March. Those changes include:
- 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.
For more information on this program, please click here.
Should you have questions about this topic, or any other topics related to your personal or business situation, please contact us at any time.
DISCLAIMER: The WM Daily Update COVID-19, COVID-19 Business Resources and COVID-19 Client News Alerts and other related communications are 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.