Some changes to paycheck protection

On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb.

24. These changes are intended to further target “the smallest businesses and those that have been left behind in previous relief efforts.”

If you’re a small business owner in need of financial assistance, you may find these changes helpful in securing a PPP loan:

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The PPP Second Chance Act will eliminate some restrictions business owners currently face. Businesses will no longer be ineligible if a 20 percent or greater owner was convicted of a non-financial assistance related felony in the last 12 months unless they are incarcerated at the time the PPP loan application is filed. In addition, the SBA will remove the restriction on business owners with delinquent student loan debt. The removal of these restrictions will broaden eligibility for business owners who previously were unable to utilize PPP loan assistance.

Small business owners in many sectors of the economy have been impacted by the ongoing pandemic. While vaccination rollouts are helping to slow the spread of COVID-19, businesses across the country are continuing to grapple with capacity limitations, shutdown orders, and other economic hurdles. If you’re a small business owner struggling to make ends meet, now may be an opportune time to apply for a PPP loan. If you have any questions regarding this process or your eligibility, please contact our office. We may be able to point you in the direction of additional resources.