The Paycheck Protection Program (PPP), a loan program enacted last year designed to aid struggling small businesses during the COVID-19 pandemic, is receiving adjustments from the new presidential administration. There is a little over a month to go in the latest PPP application window and $150 billion reportedly remains in the fund.
A handful of the changes…
- Beginning Feb. 24, there will be a two-week period in which only businesses with fewer than 20 employees can apply for the PPP. The government reports that 98% of small businesses have fewer than 20 employees; CNBC reported these businesses have received 45% of PPP funding.
- Sole proprietors, independent contractors and self-employed individuals will receive more financial support after being excluded or approved for very little money because of how the loans were calculated. Of these businesses, 70% are reportedly owned by women and people of color. Vox reported that some of these businesses received as little as $15 after applying in 2020.
- Another change is that people with non-fraud-related felony convictions in the last year and people who have defaulted on their student loans can apply to the program.
The post Paycheck Protection Program Changes Announced appeared first on Signs of the Times.
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