From tomorrow February 24th, 2021, the PPP will accept applications from business owners that were not accepted in the past, such as non-citizens with ITIN. Please, see below some details extracted from the SBA note:
“These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:
- Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
- Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
- 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 disqualifiers 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.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week.”
We highly recommend this group of business owners to apply for the PPP funds as they are now eligible for these relief funds.
Link The Hill – https://thehill.com/homenews/administration/539811-biden-readies-changes-to-ppp-to-prioritize-small-minority-owned
Link SBA – https://www.sba.gov/node/1683580
