In an effort to help small businesses across the country receive additional financial assistance, the U.S. Small Business Administration (SBA) introduced new reforms and guidelines to the federal Paycheck Protection Program (PPP). According to the following news release from the SBA, the agency will:
- Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This exclusive window opened yesterday, Wednesday, February 24th.
- 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
For updated PPP information, including forms, guidance, and resources, visit www.sba.gov/ppp and www.treasury.gov/cares.
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