Please see the National Retail Federation’s announcement below on changes made by the Biden Administration to the Paycheck Protection Program, including  a 14-day period, starting February 24th, during which only businesses with fewer than 20 employees can apply for relief through the program:

Yesterday, President Biden announced several reforms to the Paycheck Protection Program as a means to help the smallest businesses and those that have been left behind in previous relief efforts. The changes include:

  • Institute a 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for relief through the Program.
  • Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
  • Eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.
  • Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
  • Ensure 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.

 

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