Small biz gets PPP window

      President Joe Biden announced several changes to the Paycheck Protection Program to target more aid to small and underserved companies.

      Firms with fewer than 20 employees are getting exclusive access to PPP applications for a two-week period ending on March 9, Biden announced earlier this week. All other applications are to be paused during the two-week period.

      The goal is to assist small and underserved small businesses that have had difficulty obtaining the loans, in part because many don’t have ongoing relationships with banks. The PPP loans can be forgiven if the firms continue to pay workers.

      The new direction is part of Biden’s focus on economic and racial equity that he pledged in his campaign.

      In addition, self-employed people, sole proprietorships and independent contractors will be eligible for larger PPP loans based on a change in how the loan is calculated. The exact changes have not been disclosed yet, according to the Journal of Accountancy. The changes are supposed to go into effect in the first week of March.

      PPP loans also are now available to these previously-excluded small business owners:

• Owners with non-fraud felonies;
• Owners with past due federal student loans;
• Owners with Green Cards; and
• Owners in the U.S. on visas.

      Congress in December authorized $284 billion for the most recent round of the PPP program, which will end March 31.

More information:
Journal of Accountancy story: https://bit.ly/37FddYN

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