On Monday, February 22, President Biden announced changes to the Paycheck Protection Program that will help more small businesses get funding. The goal is to get more PPP Loans into the hands of the smallest business across the country and expand some of the criteria for recipients eligible for the relief funds.
PPP Changes March 2021
Most significantly of PPP changes, only businesses with fewer than 20 employees can apply for PPP loans during a two-week period beginning Wednesday, February 24. The idea, according to reports, is to give smaller businesses a chance to apply for the loan and get funded ahead of larger companies.
Although any businesses with more than 20 employees will not be able to apply for assistance during this two-week period, we encourage business owners and brokers to continue to send us their larger PPP Loans to be processed. After March 9, all businesses will have access to PPP until the program wraps on March 31.
Liberty SBF is accepting PPP Loans of all sizes including loans for sole proprietors, independent contractors, and self-employed borrowers. Click here to apply for a PPP Loan today!