Changes to Paycheck Protection
On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb. 24. These changes are intended to further target “the smallest businesses and those that have been left behind in previous relief efforts.”1
If you’re a small business owner in need of financial assistance, you may find these changes helpful in securing a PPP loan:
Change #1: Two-Week Exclusive Application Period
Change #2: Adjustments to the Loan Calculation Formula
Change #3: Reduce Non-Fraud Felony Restrictions
Small business owners in many sectors of the economy have been impacted by the ongoing pandemic. While vaccination rollouts are helping to slow the spread of COVID-19, businesses across the country are continuing to grapple with capacity limitations, shutdown orders, and other economic hurdles. If you’re a small business owner struggling to make ends meet, now may be an opportune time to apply for a PPP loan. If you have any questions regarding this process or your eligibility, please contact our office. We may be able to point you in the direction of additional resources.
1. WhiteHouse.gov, February 22, 2021
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