• 4 Things to Know About PPP This Week

    March 09, 2021

    1. There's a new calculation for sole proprietors, independent contractors, and self-employed individuals.


    New PPP application forms are now available that allow Schedule C filers to use gross income rather than net income when calculating the PPP loan amount. These revisions are not retroactive. Visit www.sba.gov/ppp or talk to your lender for more details.
      

    2. PPP eligibility is expanded. 


    With the Biden-Harris Administration and SBA announcement last week, the agency has eliminated restrictions to businesses with owners who have prior non-financial fraud felony convictions. The SBA has also eliminated the restriction on businesses owned or controlled by owners who have federal student loan debt that is currently delinquent or has defaulted.    

     

    3. Use of Individual Taxpayer Identification Number (ITIN) is clarified.


    All lawful U.S. residents have access to the PPP. Last week's announcement clarifies that ITINs are permitted as the identifier for a business owned by a sole proprietor and for a principal. ITINs are issued by the IRS.  

     

    4. The 14-day exclusive PPP loan application period ends March 9, 2021.


    The current 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees ends March 9, 2021. The SBA will continue to accept PPP applications for all eligible borrowers until March 31, 2021 or until appropriated funding is exhausted. Join one of these upcoming webinars to learn more about these key changes and how to take advantage of the exclusive loan application period.