PPP Changes Announced by New Administration Intended to Create Greater Access for Small Business
In a Fact Sheet released by the White House 2/22/2021 the administration discloses that funding to small business has increased and that the administration will institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the program. In addition, they intend to help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
The Fact Sheet includes the above along with a number other actions, some of which require congressional approval.
The administration plans to take to make PPP loans available to borrowers that were previously excluded due to things like, delinquent federal student, prior non-fraud felony convictions, and non-citizen small business owners who are lawfully in the U.S.
For additional information see the Fact Sheet on the White House’s web site or talk to one of the Accounting, Tax and Business Advisory professionals at RMS Accounting.