On February 22, 2021, President Biden announce changes he is making to the Paycheck Protection Program first passed on March 31, 2020, then expanded in April 2020, then made more flexible in June 2020.
Since that time, the PPP Program has had changes made by legislation and IRS policy.
The President announced changes designed to assist small businesses of fewer than 20 employees. Beginning Wednesday, February 24th, the SBA (Small Business Administration) will establish a 14-day period to take PPP applications exclusively from businesses and nonprofits with fewer than 20 employees.
Also changing some of the loan criteria. Non fraud related criminal records and student loan defaults will no longer prohibit a business owner from receiving a PPP loan.
Program changes will also make it easier for Sole Proprietor, Independent Contractors and Self-Employed businesses to access the PPP program. Non-Citizen small businesses will be able to use their Individual Taxpayer Identification Number.
PPP loans resumed on January 11. 2021. The SBA provided a Q&A on the newest PPP loan program.