COVID-19 UPDATE FOR LOCAL BUSINESSES – February 23, 2021

PPP Program Changes

The new Administration has just announced changes in the Payroll Protection Program (PPP).

A two-week exclusive PPP loan application period will be established for businesses and nonprofits with fewer than 20 employees.

The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m.

Other program changes will:

• 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 a disqualifier 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.

See earlier COVID-19 updates at www.schenectadymetroplex.org.