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).
HR Workplace Services, Inc. (HRWS) partners with the nation’s top insurance brokers and agencies providing their clients with best-in-class services for support and HR concerns, compliance and technology. HRWS operates in all 50 States and in over 25 different countries, serving organizations from three to 200,000 employees in 545 SIC Codes.
If you have questions about HRWS, call or email us directly or ask your insurance broker about us.
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.