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.
Resource Links:
Fact Sheet: Biden Administration Announces Changes to PPP
Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief
The White House: whitehouse.govCoronavirus (COVID-19): Small Business Guidance & Loan Resources
Health and government officials are working together to maintain the safety, security, and health of the American people. Small businesses are encouraged to do their part to keep their employees, customers, and themselves healthy.
Small Business Administration: sba.govLoan Options
Multiple funding options for businesses seeking relief.
Small Business Administration: sba.gov
