President Joe Biden announced a two-week signup window (starting Wednesday) for businesses with fewer than 20 employees to get COVID-related help from the government. I suspect that some of you freelancers will want to pay attention to this.
The president said small businesses are the backbone of our communities and represent 90% of businesses in America. But he said when the Paycheck Protection Program began in 2020, those small businesses got muscled out by bigger companies.
The major parts of the president’s announcement include:
Businesses with fewer than 20 employees will have a two-week exclusive window to apply for PPP loans starting Wednesday, Feb. 24 and ending March 31.
Self-employed, sole proprietors and independent contractors will qualify for more money effective the first week of March.
The government will set aside $1 billion for businesses without employees in low- and moderate-income areas.
Sole proprietors, independent contractors and self-employed individuals will be able to receive more financial support by revising the PPP’s funding formula for these categories of applicants.
Exclusionary restrictions on PPP access for small business owners with prior nonfraud felony convictions will be eliminated.
PPP access restrictions on small business owners who have struggled to make student loan payments will be eliminated and student loan debt delinquency will no longer be a disqualifier to participating in the PPP.
Small business owners who are lawful U.S. residents but not citizens (like green card or visa holders) will be ensured access and can use their Individual Taxpayer Identification Number to apply for the PPP.
Business Insider explains that the loans are part of the $284 billion coronavirus aid bill that Congress approved in December. $150 billion of that is still available, but the current rules keep lots of people from applying.
Source : poynter
