PPP Loan Period For Small Businesses
Until March 9, businesses with fewer than 20 employees will have exclusive access to apply for PPP loans.
On February 22, 2021, the Biden-Harris administration announced the following changes to the PPP program to further promote equitable access to relief. Please click to read the White House Fact Sheet.
- Institute a 14-day period, during which only businesses with fewer than 20 employees can apply for relief through the Program.
- The 14-day period will start on Wednesday, February 24, 2021 at 9 am and end on March 9th, 2021. Loans with 20 or more employees will be rejected during this period.
- All loans (regardless of employee count) submitted to SBA prior to February 24th will be processed as normal.
- Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- A change to the calculation formula will be implemented to help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
- Eliminate a restriction preventing small business owners with prior nonfraud felony convictions from obtaining relief through the PPP.
- Eliminate the rule that prevents small business owners who are delinquent on their federal student loans from obtaining relief through the Paycheck Protection Program.
- Allow non-citizen small business owners who are lawful U.S. residents to use individual taxpayer identification numbers (ITINs) to apply for relief.
Treasury/SBA are working on program changes and will communicate details throughout this week, according to a fact sheet provided by Georgia Primary Bank.
If you have questions regarding your PPPSD application please contact your assigned PPP Lender directly. Your lender will be able to answer Treasury/SBA policy questions, however lenders are unable to provide any tax or accounting advice outside of written Treasury/SBA guidelines. Georgia Primary Bank encourages borrowers to contact their CPA, Bookkeeper or the local Small Business Development Center for help with technical questions.