The following is an excerpt from an article by Jeff Drew, Senior Editor, published in the Journal of Accountancy on February 22, 2021.
For the next two weeks, PPP (Round 2) is available ONLY for businesses with fewer than 20 employees. The final deadline to apply is March 31, 2021.
Read the full article here.
The administration of President Joe Biden announced Monday that it would institute a two-week period starting Wednesday during which only businesses with fewer than 20 employees will be able to apply for Paycheck Protection Program (PPP) loans.
The exclusive application window is one of several moves the White House said it is making to further target the PPP to the smallest businesses. The administration also will:
- Change the PPP loan calculation formula to help sole proprietors, independent contractors, and self-employed individuals receive more financial support. In addition, $1 billion will be set aside for businesses in this category that don’t have employees and are located in low- and moderate-income areas. Details of the changes have not yet been released.