February 22, 2021, the White House announced changes to the Paycheck Protection Program (PPP) in an effort to reach additional minority-owned and smaller-sized businesses that may have been unable to access loans under the original parameters. The new rules, beginning Wednesday, February 24, 2021, allow small businesses with fewer than 20 employees an exclusive, two-week period to access PPP loan funds.
In addition, changes to eligibility rules will begin the first week of March. These include:
- Self-employed, sole proprietors and independent contractors can qualify for more money.
- Loans will open to small business owners with non-fraud-related felonies (incl. those delinquent on student loans and non-citizen residents, such as Green Card holders or those in U.S. on Visas).
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The information contained in this article is intended for educational purposes and to provide a general understanding of regulatory events, legislative changes and the law – not to provide specific legal advice.