Any small business that has been operating this past year has had to deal with a lot. The lockdowns and constant changes in policy have forced us to be flexible and to get creative just to stay afloat. Small businesses don’t have the same security net that many large businesses do and the case can be made that the pandemic has hit the Mom and Pop businesses the hardest.
Good news came this last week for small businesses in need of COVID relief. Last Monday, President Biden announced several changes to the Small Business Association (SBA)’s COVID relief programs to make sure that small businesses like yours can get the funds that they need to stay open and serve their communities.
Changes to the SBA
The most notable change was the opening of a 14-day period (starting last Wednesday, 2/24) in which exclusively businesses and nonprofits with fewer than 20 employees can apply for a PPP loan. This ensures that small businesses have a chance to get the support they need. The program will stay open until March 31, but now is your best chance to get your application in as a small business.
Other changes to the SBA include:
- Revising the PPP’s funding formula so that sole proprietors, independent contractors, and self-employed individuals receive more financial support
- Allowing business owners with prior non-fraud felony convictions to qualify for PPP access
- Eliminating the restriction that small business owners with student loan debt delinquency do not qualify for PPP access
- Allowing non-citizen, legal US residents to use their Individual Taxpayer Identification Number (ITIN) to apply for the PPP
One of the main goals for the latest round of PPP loans was to reach small businesses who haven’t yet received the COVID relief that they need. These latest changes in the SBA’s programs will ensure that more small businesses have the ability to stay open and continue serving their communities.
Additional Help for Small Businesses
We at JR Bookkeeping have partnered with local organizations such as WEV, EDC, and SCORE to help small businesses take advantage of available resources to survive and thrive through the pandemic. To find out more, check out our Calendar for free, weekly webinars, or click here to see our list of COVID-19 business relief resources.
Program: PPP Loan Exclusively businesses and nonprofits with fewer than 20 employees
Application Dates: Feb 24 – Mar 10