In an attempt to give a boost to smaller businesses, President Biden announced that changes to the Paycheck Protection Program. Beginning this Wednesday, February 24 for two weeks only companies with fewer than 20 employees will be able to apply for PPP Loans.
This will give much more mom-and-pop type businesses the ability to apply for funding.
Other changes that will help expand the program to more businesses include adjustments to rule over those convicted of crimes that do not include government fraud, delinquent student loan debt, allowing business owners who have green cards or here on a visa to get PPP loans. They will also change the funding formula for sole proprietors and the self-employed.
Biden said that the changes will help "a lot of these mom-and-pop businesses [that] got muscled out of the way by bigger companies who jumped in front of the line.”
The exact details of changes haven’t been rolled out yet. Check with your lender for details on the new PPP Loan regulations.