23 Feb

PPP loans to small businesses under 20 employees

PPP To Offer Exclusive Loan Application Window To Businesses With 20 Or Fewer Employees

The Hill (2/22, Chalfant) reported President Biden “will announce policy changes to the Paycheck Protection Program (PPP) aimed at targeting assistance to businesses that employ 20 or fewer workers and those that are minority-owned.” Biden “plans to announce that his administration will institute a 14-day period beginning Feb. 24 and running through March 9 during which only businesses with 20 or fewer employees can apply for PPP loans, according to senior administration officials,” and he will “announce that his administration is changing its loan calculating formula for sole proprietors, independent contractors, and self-employed individuals to help them obtain more financial support through the program.”

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