Yesterday, the White House announced several measures to ensure the smallest firms have access to Paycheck Protection Program loans, including an exclusive application window for firms with fewer than 20 employees, a revised loan calculation and funding set-aside for sole proprietors and self-employed individuals and new eligibility for businesses owned by those with certain felony convictions. Five weeks after the PPP reopened, roughly $150 billion—more than half of the amount authorized for the 2021 round of PPP—remains available. The current round of funding expires on March 31.
Specifically, the White House said that the Small Business Administration would:
Additionally, to prompt more applicants to self-report demographic data, the SBA has already updated the loan application form to include demographic data on the front page. The SBA is also launching a new initiative to deepen its relationships with lenders. This model will increase the opportunity for lenders to provide recommendations and ask questions about the PPP and drive resolution of open questions and concerns in a more streamlined way.