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PPP Self-Employed Application Changes

PPP Self-Employed Application Changes & NASE Supports SBA Event to Inform Self-Employed Business Owners

On March 3, 2021, the Small Business Administration announced changes to the Paycheck Protection Program (PPP) for self-employed individuals.

The changes include: 

  • Self-employed business owners with no employees will be eligible for a loan equal to their 2019 or 2020 gross income, divided by 12, multiplied by 2.5. 
  • Self-employed and sole proprietors can also refinance an EIDL Loan made between January 31 and April 3, 2020. 
  • New timeframe to apply provides a dedicated 2-week window, starting Wednesday, February 24, where only businesses with fewer than 20 employees will be able to apply for PPP loans.
  • Establishes a $1 billion set aside for these businesses without employees located in low- and medium-income areas
  • Expands PPP eligibility to small business owners with non-fraud felony convictions

Find a lender here.

Frequently Asked Questions: PPP-FAQs-3.12.21.pdf (sba.gov)

How to Calculate First Draw Loans: How to Calculate First Draw PPP Loan Amounts (sba.gov)

How to Calculate Second Draw Loans: HowtoCalculateSecondDrawFAQs-3.12.21.pdf (sba.gov)

On Saturday, March 6, 2021, NASE CEO & President Keith Hall joined the Small Business Administration for a webinar on the recently announced (see above) changes to the PPP program specific to self-employed individuals. You can view the webinar and the informative Q&A here.

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Courtesy of NASE.org
https://www.nase.org/about-us/media-relations/News/nase-in-the-news/2021/03/26/ppp-self-employed-application-changes