The Biden-Harris Administration has made policy changes that impact the PPP loan program. Under these changes, the Small Business Administration (SBA) will:
- Establish a 2 week period specifically for businesses with fewer than 20 employees to apply;
- Revise the funding formula to benefit sole proprietors, independent contractors, and self-employed people;
- Eliminate a restriction on prior non-fraud felony convictions for applicants;
- Eliminate a student loan delinquency and default restriction for applicants; and
- Ensure access for legal U.S. resident non-citizen small business owners to apply for funds.
If your business has not applied for a first draw or second draw PPP loan, we suggest that you review these changes and consult with your bank about applying for this benefit.
PPP First Draw Borrower Application Form (sba.gov)
PPP Second Draw Borrower Application Form (sba.gov)