Here is what it means for your small business:
As of Wednesday, February 24, there will be a 14-day period where businesses with fewer than 20 employees will have priority to apply for the PPP Loan. This will allow lenders to focus on the businesses struggling the most.
The loan calculation process will been revised to offer more relief to sole proprietors, independent contractors, and self-employed individuals.
It will eliminate the restriction on applicants with a felony conviction, allowing those individuals to apply for the PPP.
It will eliminate the restriction on applicants who are delinquent on federal student loans.
It will allow non-citizen residents who are lawful U.S. residents to apply using an Individual Taxpayer Identification number.
If you didn’t apply last year, you can still qualify for that round of funding.
The application window is small. Do you have all of your paperwork ready to apply? Call us so that we can get you caught up.
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