In order to reach the smallest businesses, the SBA will offer PPP loans only to businesses and nonprofits with fewer than 20 employees and sole proprietors from February 24th to March 10th of this year. This 14-day period will give lenders and community partners more time to work with the applications of the smallest businesses while ensuring that larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 21st. Additional changes to open the PPP to more underserved small businesses include
1.) Revising the PPP’s funding formula for these applicants,
2.) Eliminating an exclusionary restriction related to prior non-fraud felony convictions,
3.) Eliminating student loan debt delinquency disqualification, and
4.) Ensuring access for noncitizens who are lawful U.S. residents by allowing use of an Individual Taxpayer Identification Number (ITIN) to apply for the PPP.