The Biden administration this week released that they will provide a more generous loan formula for self-employed and gig workers.
But there’s a catch – there’s a 14-day exclusive window for applicants that have businesses with less than 20 employees. The exclusive period has already begun last February 24 and will last until March 10.
The latest adjustments are meant to increase financial help to contract gig workers, and small businesses to low- and moderate-income (LMI) businesses.
Other changes to the program also include:
- More access to business owners with prior non-fraud felony convictions
- More access to business owners who are delinquent on their federal debt
- More access to business owners who are not U.S. citizens
The Second draw of PPP, which was signed last December by former president Trump will stop accepting applications on March 31. Thus, larger businesses still have until then to apply for the second draw of PPP loans.
If you fall under the self-employed or gig worker category, we recommend not to send out your application into the system until the SBA publishes the guidance for the new calculation, to ensure that you receive the benefit of the changes.
Levine and Associates will continue to send out the latest update on the PPP program and other relevant content for you and your business. If you have any questions, contact us here or book a free-consultation with an experienced CPA at https://calendly.com/levine-and-associates.
COVID-19 resources available on grundychamber.com and on its social media pages. Please continue to check in with us and reach out if the Chamber can be of any help to you during this difficult time for our business community.
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