02/23/2021
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THIS IS GOOD NEWS FOR SMALL BUSINESS OWNERS, CONTRACTORS, THE SELF-EMPLOYED, HOUSE CLEANERS, PERSONAL CARE PROVIDERS, etc.
Loans for companies with 20 or more employees will be put on hold....Need help with applying for your own PPP Loan TODAY? Inbox me ASAP! or Send a message to EMCOL Tax & Insurance
Biden is changing PPP rules. For 2 weeks, only businesses with fewer than 20 employees can claim pandemic relief loans.
The temporary restriction will last two weeks from Wednesday.
Biden is expected to formally announce the changes on Monday.
President Joe Biden will launch changes on Monday to the main US coronavirus aid program for small businesses to try to reach smaller, minority-owned firms and sole proprietors left behind in previous rounds of aid.
Biden administration officials said that for two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees, to ensure that they are not crowded out by larger firms.
The changes, to be formally announced by Biden on Monday, come as small business bankers say demand for Paycheck Protection loans is slowing as firms reopen.
When the PPP was launched in April 2020 at the height of coronavirus lockdowns under a $3 trillion relief bill, its initial $349 billion ran out in two weeks. Congress approved another $320 billion in May, but the program expired in August with about $130 billion in unused funds.
But Biden administration officials said there are still many minority and very small firms in low-income areas that have not been able to receive aid.
The changes aim to make it easier for firms with no employees — sole proprietors, independent contractors, and self-employed people such as house cleaners and personal care providers — that could not qualify previously because of business cost deductions.
The Small Business Administration will revise the rules to match the approach used to allow small farmers and ranchers to receive aid, the businesses said.
Wanna APPLY for your own PPP Loan and don't seem to know where to turn for help? - - Inbox me ASAP! Or, send your message to EMCOL Tax & Insurance. This opportunity will not last long. ACT NOW!!!
https://youtu.be/xck1Y7ek_hc
The new program will allow businesses with less than 20 employees to apply for loans.