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Washington Watch

Washington Watch - March 10, 2021

In this issue of Washington Watch, read about PPP Self-Employed Application Changes and NASE CEO & President Keith Hall Participates in SBA Town Hall on PPP Changes

NASE CEO & President Keith Hall Participates in SBA Town Hall on PPP Changes

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.

Senate Pass America Rescue Plan Setting Up President Biden’s First Legislative Victory

On Saturday, March 6, 2021, the Senate passed the American Rescue Plan, sending the bill back to the House for approval. The $2T rescue plan is largerly geared at supporting Covid-19 recovery and includes the following for small business:

The Senate bill language is out. How does it differ from the House bill?

 - $15 billion Targeted EIDL Grants
 - $10 billion to recipients that hadn’t received the rest of the $10k from the December Relief Bill
 - $5 billion is being set aside for businesses ($5,000/business) with 50% economic loss, employing not more than 10 people even if they received money in the December Bill
 - $25 billion New Bar and Restaurant Program
 - $7 billion for Paycheck Protection Program
 - $175 million for the Community Navigator Program to provide outreach to help businesses

The Senate passed version also includes an extension of Unemployment Insurance through September 6, 2021, but decreases the supplemental from $400 to $300. Additionally, the Senate language does not include a $15 minimum wage mandate, a significant difference from the House language.

PPP Self-Employed Application Changes

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.

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Courtesy of NASE.org
https://www.nase.org/about-us/nase-publications/washington-watch/March-9-2021