The Biden administration has released new changes to the Paycheck Protection Program (PPP) that will go into effect on Wednesday, February 24.
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By Tommy Greer
The Biden administration has announced changes to the Paycheck Protection Program (PPP). From this Wednesday Feb. 24 through March 9, only businesses with fewer than 20 employees will be able to apply for relief through the program. The administration is also earmarking $1 billion for loans in low- and moderate-income areas, and easing other restrictions on who can borrow through the program.
The White House said it will also recalculate a funding formula to make more money available to sole proprietors, independent contractors and the self-employed, who’d struggled to access the program previously. Another change will make it easier for small business owners who aren’t U.S. citizens but are legal residents of the country to access the loans by using their individual taxpayer identification numbers to apply for the program as well as remove restrictions that had prevented non-U.S. citizens and convicted felons from accessing the aid.
This program is set to expire on March 31.
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