President Biden updates the Payroll Protection Program Loans this week with a big focus on helping the smallest of businesses with 20 or fewer employees.
Here’s a quick summary of the changes:
· Institute a 14-day period, Wednesday February 24th, during which only businesses with fewer than 20 employees can apply for relief through the PPP
· Revise the loan calculation formula for sole proprietors, independent contractors, and self-employed individuals
· Eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief
· Eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief
· Ensure access for non-citizen small business owners who are lawful U.S. residents to get relief
· Improved Loan Application to promote transparency
To get more information on small business guidance and loan resources, please head over to the SBA.
If you have any questions please feel free to reach out to us at Nevada Benefits at (702) 258-1995.