Temporary changes began this week for the U.S. Small Business Administration’s (SBA) Paycheck Protection Program. Through March 10, only businesses and nonprofits with fewer than 20 employees will be able to apply for PPP loans. The SBA said the move was made to give lenders and community partners more time to work with the smallest businesses, while also ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires March 31, 2021.

Additional changes include:

  • Sole proprietors, independent contractors and self-employed individuals may receive more financial support due to a revised PPP funding formula
  • Restriction on PPP access for small business owners with prior non-fraud felony convictions has been eliminated
  • Student loan debt delinquency is no longer a disqualifier to participating in the PPP
  • Non-citizen small business owners who are lawful U.S. residents may access the PPP by using an Individual Taxpayer Identification Number (ITIN) to apply

For more information, click here.