PPP Help for the Smallest of Small Businesses!
The SBA opened a special window to serve the smallest of small businesses. They are exclusively helping small businesses for a period of 14 days. The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 am. Small businesses will still be able to access the program beyond the 14 day period. Access to the program ends on March 31, 2021.
The following are some of the changes they are making to help small businesses:
- "Instituting a 14-day period, starting February 24th during which only businesses with fewer than 20 employees can apply for relief through the Program;
- Helping sole proprietors, independent contractors, and self-employed individuals receive more financial support;
- Creating consistency with a bipartisan bill, eliminating an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program;
- Eliminating an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program;
- Ensuring access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief." (Chamber West)
To find out more information go to: https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources#section-header-3.