Program will make PPP loan applications easier for small businesses

The Biden Administration is making an extra effort to help small businesses applying for loans from the Paycheck Protection Program.

Starting Wednesday, the U.S. Small Business Administration will begin a 14-day, exclusive loan application period for small businesses and nonprofits with fewer than 20 employees, according to a statement.

Lenders and partners will have more time to work with the smallest businesses to submit their applications. The program will also ensure that larger PPP-eligible businesses will have time to apply for, and receive, support before the program expires on March 31.

Steps the SBA will take include:

• Revise the PPP’s funding guidelines for sole proprietors, independent contractors, and self-employed individuals so they can receive more financial help;
• Allow small business owners with prior non-fraud felony convictions to receive PPP loans;
• Student loan debt delinquency will no longer prevent someone from participating in the PPP;
• Allow non-citizen small business owners who are lawful U.S. residents to apply for PPP loans, if they agree to use Individual Taxpayer Identification Number (ITIN) in the application process.

For more information, visit www.sba.gov/ppp.