The White House has announced improvements to the Paycheck Protection Program (#PPP) to ensure the loan program better reaches the smallest businesses and those owned by people of color and particularly those who struggled to access it during the first rounds of funding last year.
Please read below for a list of key changes that are being implemented to the program to see if it might benefit you and your business.
The Administration is implementing the following changes to PPP:
- Instituting a special 14-day application period, starting this Wednesday (2/24/21), during which only businesses with fewer than 20 employees can apply for PPP.
- Revising and amending the PPP loan calculation formula for sole-proprietors, independent contractors and self-employed applicants to ensure they receive more relief, and establish a $1 billion set aside for businesses in this category without employees, located in low to moderate-income areas.
- Expanding PPP eligibility to small business owners with prior non-fraud felony convictions who were previously ineligible to apply.
- Allowing firm owners who are delinquent on their federal student loans to apply for PPP.
- Expanding PPP eligibility to 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.
Will these new changes to eligibility enable you to apply or re-apply for PPP? We want to hear from you to help share stories about how these improvements will impact our small business community.
The Illinois Hispanic Chamber of Commerce (IHCC) has partnered with Customers Bank to provide a quicker and better access to PPP loans. As part of our partnership and to help streamline the application process, both organizations have developed a dedicated website where Hispanic small businesses can apply starting now for PPP loans: https://bit.ly/36tfN3z
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Throughout February and March, the SBDC at Illinois Hispanic Chamber of Commerce continues to provide PPP application assistance to Illinois small, minority-owned businesses through webinars and one-on-one counseling. Our business specialists can be reached at 312-425-9500 or firstname.lastname@example.org Visit https://ihccbusiness.net/sbdc-ihcc/