Administration Makes Changes to PPP Loans: What You Need to Know
In an early move to put his stamp on the Paycheck Protection Program (PPP), on February 22, 2021, President Biden announced some new changes that make it easier for businesses with fewer than 20 employees to get loans, and puts enhanced scrutiny on some of the largest borrowers. In a public address and subsequent White House written release, Biden laid out some “reforms” to the PPP, the SBA’s loan to grant program now in its third round of funding.
On December 27, 2020, Congress passed, and former President Donald Trump signed into law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which authorized an additional $284 billion for PPP. The new funding is for first-time borrowers and businesses who received a PPP loan during the first rounds and saw a decrease in gross receipts of 25% or more in any quarter of 2020 compared to the same quarter in 2019.
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Biden’s intent with his PPP changes is to give the smallest businesses time to apply before larger firms, perhaps, take the lion’s share of this round, which is currently open until March 31, 2021. The president instituted a 14-day period starting Wednesday, February 24, 2021, where only small businesses with 20 or fewer employees can apply, giving them time to compile the necessary paperwork and for lenders to focus on them. The White House noted that 98% of American small businesses have fewer than 20 employees.