PPP Program Changes

The new Administration has just announced changes in the Payroll Protection Program (PPP).

A two-week exclusive PPP loan application period will be established for businesses and nonprofits with fewer than 20 employees.

The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m.

Other program changes will:

• Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
• Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as a disqualifier to participating in the PPP; and
• Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

If we can be of assistance, please email us.

See earlier COVID-19 updates at www.schenectadymetroplex.org.