NEW PPP Round 2 URGENT Updates (more funds, less restrictions for self-employed) Rules have changed

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Biden Administration recently announced several updates to the SBA’s coronavirus relief programs designed to assist participation in the PPP for small businesses. Specifically, the administration introduced the following five changes:
1. A 14-day period began Feb. 24, 2021, during which only businesses with fewer than 20 employees can apply for PPP funds.
2. Revisions to the PPP funding formula to permit sole proprietors, independent contractors, and self-employed individuals to receive more financial support.
3. Eliminate exclusion that prevents small business owners with non-fraud felony convictions from obtaining PPP funds.
4. Remove a restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief through PPP.
5. Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

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https://www.sba.gov/funding-programs/...

https://www.sba.gov/sites/default/fil...

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DISCLAIMER: This presentation is for informational purposes only and it cannot be considered to be a legal nor financial personal advice.