WASINGTON, D.C. — A distinctive 14-day Paycheck Protection System mortgage software time period opened on Feb. 24.
According to a launch from the U.S. Tiny Company Administration, this two-7 days window exceptional interval is for firms and nonprofits with fewer than 20 workers.
According to the launch, this period, declared by President Joe Biden on Feb. 22, is made to “give lenders and local community associates additional time to function with the smallest companies to post their purposes, while also making sure that greater PPP-eligible corporations will still have a lot of time to utilize for and receive assist right before the system expires on March 31, 2021.”
The SBA also announced modifications to “open the PPP to much more underserved compact enterprises,” in accordance to the release. These variations contain:
- Revising the formulation to make it possible for sole proprietors, independent contractors and self-used individuals greater accessibility
- Doing away with a restriction for small enterprise homeowners with prior non-fraud felony convictions
- Ending limitations on “small enterprise house owners who have struggled to make college student financial loan payments by reducing pupil bank loan financial debt delinquency as a disqualifier”
- Guaranteeing obtain for non-citizen compact enterprise house owners who are lawful U.S. people
More information is accessible at the SBA web-site at www.sba.gov.
In a relevant matter, Traverse Connect and Rehmann are supplying a no cost webinar on March 9. “Financial Wellness: PPP and EIDL (Financial Injuries Disaster Financial loans)” is scheduled from 11:30 a.m. to 12:30 p.m.
Guest speaker is Tom Shemanski, a principal with Rehmann’s Finance and Accounting Methods workforce. Shemanski, who has been with Rehmann considering that 2017, has additional than 20 years of encounter as a main economic officer.
To sign up for the webinar, stop by https://tinyurl.com/ConnectPPPandEIDL.