PPP Self-Employed Application Changes

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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.

Courtesy of NASE.org
https://www.nase.org/news/2021/03/10/ppp-self-employed-application-changes