Biden Administration Announces Changes to the Paycheck Protection Program
This morning, President Biden announced tweaks to the Paycheck Protection Program (PPP) that are intended to focus loans to the smallest businesses that may have been left behind in previous iterations of the program. The most significant of these changes is a 14-day period beginning Wednesday, February 24 when only businesses with fewer than 20 employees will be eligible to apply for PPP loans.
Additionally, the loan calculation equation is being changed to favor sole proprietors, independent contractors, and self-employed individuals receive more financial support. To date, the Paycheck Protection Program has largely excluded or ignored these groups, and these changes will hopefully allow more business owners and non-traditional workers receive financial support.
To read the comprehensive list of changes, click here.
To visit the Small Business Administration website and browse PPP resources, click here.