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Posted by: News_Desk on 02/24/2021 11:53 PM Updated by: thepinetree on 02/25/2021 07:46 AM
Expires: 01/01/2026 12:00 AM
:

SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program

Washington, DC... Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.



The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:
  • For businesses with fewer than ten employees, the share of funding is up nearly 60%
  • For businesses in rural communities, the share of funding is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%
“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”

These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:
  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate details throughout this week.

These actions will help to lay the foundation for a robust and equitable recovery for small businesses across the country. Small businesses employ nearly half of the American workforce; they create 2 out of 3 net new private-sector jobs; they reinvest 68% of revenues to build and sustain communities. Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.

Through SBA’s nationwide district offices, the Agency will work in close partnership with the Administration to further leverage its resource partner network and expand on multilingual access and outreach about the PPP. Updated PPP information, including forms, guidance, and resources is available at www.sba.gov/ppp and www.treasury.gov/cares.

###

About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov


Comments - Make a comment
The comments are owned by the poster. We are not responsible for its content. We value free speech but remember this is a public forum and we hope that people would use common sense and decency. If you see an offensive comment please email us at news@thepinetree.net
No Subject
Posted on: 2021-02-25 07:29:19   By: Anonymous
 
A little too late!!! Newsom has ruined all the small businesses already!!! Nobody can stay closed for over a year!! No thanks!!!

[Reply ]


Posted on: 2021-02-25 07:53:37   By: Anonymous
 

Biden lied again, he wants to have zero emissions but I guess he forgot about the US postal trucks. Fully electric says the Dementia man (that the Dems want to take away the nuclear button from)
"President Biden's plan to fully electrify the 645,000-vehicle U.S. government fleet may have hit a big bump in the road.

U.S. Postmaster General Louis DeJoy told the House Oversight and Reform Committee on Wednesday that the agency only expects 10% of the Next Generation Delivery Vehicles to be delivered by Oshkosh Defense under a multibillion contract awarded on Tuesday will be electric"

Funny how the left mainstream media never reports these things that make Biden or Harris look bad. Or all the bad news surrounding Cuomo's criminal probe into thousands of deaths of our elderly, of sexual harassment, of threatening his own party members, or the mayor of NYC attempted closing ice rinks for kids because Trump put mega dollars into it to help kids. Only reason it didn't close was because enough people complained, but not one mainstream media reported on that either.
The LEFT ARE HYPOCRITES AND BIGOTS.

[Reply ]

    Re:
    Posted on: 2021-02-25 08:24:02   By: Anonymous
     
    Do you have any idea how impractical an electric postal wagon would be in rural Idaho in the winter? Please... do a bit of research before using any excuse to complain about the president. And do you really think he was involved in the selection of Postal Truchs? C'mon man. You're smarter than that.



    [Reply ]

The Democrats, the party of hypocrisy and corruption
Posted on: 2021-02-25 08:12:27   By: Anonymous
 
AOC is mighty upset with Joe right now. It seems at our Southern Border Joe is putting illegal immigrants back in those cages Obama and Joe's administration built.
You all remember those cages don't you? Those pictures of kids in those cages the media showed everyone? Those pictures that were actually taken during the Obama years, but the mainstream media lied about it saying they were during Trump's years. Lied about the cages saying Trump had them built, but all along it was obama and the hypocrites, oh I'm sorry, all along it was obama and the Dems, I didn't mean to call the Dems HYPOCRITES.
So where's the fake outrage? Cuomo should be charged with manslaughter, where's the outrage? Cuomo should be charged with sexual harassment, where's the outrage? Oh HELL, where's the mainstream media on anything corrupt with the dems? No where to be found, hiding the truth, the embarrassment of their party they chose that's full of hypocrisy and corruption.

[Reply ]

    Re: The Democrats, the party of hypocrisy and corruption
    Posted on: 2021-02-25 08:41:51   By: Anonymous
     
    Enough with bigger government already!!! The SBA, just another bureaucratic overreach into peoples lives. Sounds good, just watching out for the small guy but creating a government monster at the same time. Abolish the SBA, CTA and 90% of the other Associations!!!

    [Reply ]

      Re: The Democrats, the party of hypocrisy and corruption
      Posted on: 2021-02-25 11:57:17   By: Anonymous
       
      Many of these businesses were not needed and would have went under anyway, why pay them anything?

      [Reply ]


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