Clarifying false news about the next 14 days that the SBA will only process PPP loan applications for small businesses with less than 20 employees, and the new PPP loan amount increase for self employed, independent contractors, and sole proprietors that is coming in the month of March 2021.
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Smallest Businesses Can Now Go to Front of Line for PPP Loan Applications in the Next 14 Days.
The White House will give the very smallest businesses a chance to cut in line for pandemic relief loans, announcing Monday that for two weeks the Paycheck Protection Program (PPP) will only accept applications from companies with fewer than 20 employees.
The special two-week period, which starts Wednesday, is one of a number of steps meant to make up for past problems with the program, designed for small businesses having financial trouble because of the COVID-19 pandemic. Mom-and-pop businesses “got muscled out of the way by bigger companies” when the PPP was first launched last spring, President Joe Biden said in a speech Monday, and this will give a higher priority to those smallest businesses—many of which are owned by minorities—before the latest round of funding ends on March 31.
President Joe Biden on Monday launched changes to the U.S. coronavirus aid program for small businesses to try to reach smaller and minority-owned firms, sole proprietors and those with past criminal records left behind in previous rounds of aid.
His PPP changes here also aim to allow more single-person businesses — sole proprietors, independent contractors, beauticians and others — to get loans. Many of these were excluded previously because the program was geared towards firms with traditional payrolls, or because their business cost deductions limited them to only nominal loan amounts, administration officials said.
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http://businessadministrationclass.com/truth-about-14-days-of-ppp-loan-applications-for-self-employed-independent-contractors-sole-prop/
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