SBA Prioritizes Smallest of Small Businesses in Paycheck Protection Program

Businesses with fewer than 20 employees will have exclusive access to the Paycheck Protection Program (PPP) for 14 days starting February 24th.

This will give lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021.

SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:

  • 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 student loan payments by eliminating student loan debt delinquency as a disqualifier 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.
 

You may also like…

IAED Names Mary Holland-Bavis as Workforce Program Manager

IAED Names Mary Holland-Bavis as Workforce Program Manager

Pictured: Mary Holland-Bavis, IAED’s Workforce Program Manager. ITHACA, N.Y., February 13, 2024 – Ithaca Area Economic Development (IAED) announced it hired Mary Holland-Bavis as Workforce Program Manager. In this novel role, Holland-Bavis is responsible for...

IAED Seats 2024 Board, Elects Officers

IAED Seats 2024 Board, Elects Officers

Pictured: Cathy Hart, President, IAED Board of Directors. ITHACA, N.Y., February 7, 2024 – Ithaca Area Economic Development (IAED) appointed its 2024 Board of Directors at the first quarterly meeting of the year in February. New 3-year appointments include Jason...

IAED Announces Public Launch of  5-Year Investment Initiative

IAED Announces Public Launch of 5-Year Investment Initiative

Ithaca, NY, (September 26, 2023) – Ithaca Area Economic Development (IAED) announced the public launch of their 5-year investment initiative – Th!nk Tompkins - on Thursday, September 21, during a private reception held at Tompkins Community Bank. IAED revealed that...