The Small Business Administration (SBA) released new information on steps they are taking to ensure PPP loans and relief are getting to Main Street.
“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways,” SBA Senior Advisor Michael Roth said via press release.
“The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”
According to their press release, the SBA’s policy changes include:
- Establish a 14-day window exclusively for businesses and nonprofits with fewer than 20 employees to apply for PPP loans.
- Expand financial support for sole proprietors, independent contractors, and self-employed folks.
- Eliminate restrictions on PPP access for small business owners with prior non-fraud felony convictions.
- Remove PPP application restrictions on small business owners who have struggled to make federal student loan payments.
- Expand access for non-citizen small business owners who are lawful U.S. residents by confirming their Individual Taxpayer Identification Number (ITIN) can be used to apply for the PPP.
The 14-day window begins on Wednesday, Feb. 24th at 9 a.m., and the rest of the changes will take effect by the first week in March.
If you or any of your clients could benefit from the above information, please share this blog post with them! For more information on what you need to apply for an SBA loan, you can check out this previous post.