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The Small Business Administration’s second round of Paycheck Protection Program (PPP) funding is open through March 31, 2021, and President Biden just announced a series of program enhancements to ensure that underserved small companies hardest hit by the pandemic have the best opportunity to apply for the PPP funds.
The PPP funding formula is being revised so that self-employed individuals, including sole proprietors and independent contractors, will have much more financial support than they would have received under the old program rules.
Tune in to this morning’s Business Beat to learn more about the second round of PPP funding, and how your business can apply:
For more information, visit sba.gov.
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Good morning, Paul.
The federal government’s Paycheck Protection Program, or PPP, has been nothing short of a godsend for small businesses across the country who, without that funding provided in 2020 and now again under a second phase of the program, would likely not have been able to pay their employees, let alone survive at all.
And yet there were issues with the first round of PPP funding in that many companies receive funds that did not meet the program qualifications. Even some bigger companies benefited, who should not have. And that left deserving smaller companies with the most critical need left out. And for many of them, it’s now unfortunately lights out.
Well, President Biden wants to do something about that; he’s just announced a series of program enhancements to ensure that these underserved small companies hardest hit by the pandemic have the best opportunity to apply for the PPP funds.
One of the most important changes? PPP’s funding formula is being revised so that self-employed individuals, including sole proprietors and independent contractors, will have much more financial support than they would have received under the old program rules.
The calculations had been largely centered previously on the number of employees; well, smaller companies don’t have many employees and so they were left out in many cases. In addition, the Biden administration also set aside a billion in PPP loans for businesses without employees and low- and moderate-income areas.
The program is open through March 31, although currently available funding is already half spoken for. So, make sure you seek your share of this critical funding without delay. These loans can even be forgiven if the loan forgiveness criteria is met by the borrower.
The program is managed by the Small Business Administration, so go to sba.gov and click on the Paycheck Protection Program to get on the action today.
I’m Jeff Sloan, founder and CEO of StartupNation.com, and that’s today’s Business Beat on the Great Voice of the Great Lakes, WJR.