PPP Changes You Need To Know
On Monday, February 22, 2021, the Treasury Department announced there would be changes to the Paycheck Protection Program to provide more emphasis on small businesses and other specific audiences.
One of the biggest changes to the program is who can apply in the upcoming days. Starting Wednesday, February 24, 2021, only businesses with 20 employees or less can apply for a PPP loan. This will be in effect for two weeks. This new provision in the PPP rules is meant to allow the smaller businesses a chance of getting the money they need to continue through the hardships caused by the COVID-19 pandemic.
Along with this change, the Biden administration has announced these additional updates to the program as outlined by the SBA:
• Sole proprietors, independent contractors, and self-employed individuals will receive more financial support due to a revised funding formula
• They have removed the restriction on small business owners with non-fraud felony convictions to allow them to have access to PPP funds
• They have removed student loan delinquency as a disqualifier for receiving PPP funds
• Non-citizen small business owners who are lawful U.S. residents can use their Individual Taxpayer Identification Number (ITIN) to apply for a PPP loan
If you’re a small business owner in need of a PPP loan, we’ve partnered with Prime Commercial Lending and The Loan Source to give you access to an SBA loan. You can complete your application in confidence with this lender who has helped hundreds of businesses receive millions in PPP funds over the past year. They will be available to answer all your questions about these new changes to the Paycheck Protection Program as well as assisting with the loan forgiveness process after you receive your funds. Receive your white-glove PPP loan service when you apply through the Loan Source.
If you don’t qualify for a PPP loan or need funds now without the wait, you’re not on your own. We are still lending to small and medium-sized businesses in a multitude of industries including restaurants, hardware stores, grocery stores, pharmacies, dentists, and home healthcare services. You can see all of our approved industries here. Let’s get your business the funding it needs now by completing our online application.
After submitting your application, one of loan consultants will be in touch with you to go over your approved options. Our experienced loan consultants can not only provide you with financial advice to select the best loan option for your business, but they can also help you find the most profitable way to invest in your company to continue its growth. Contact your local loan consultant to start your relationship with them today.