These Strategies Can Help the Owners of the Smallest Businesses Applying for PPP Loans nbcconnecticut.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nbcconnecticut.com Daily Mail and Mail on Sunday newspapers.
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If you re a sole proprietor, independent contractor, or self-employed entrepreneur, now is the best time to apply for a Paycheck Protection Program loan.
On Monday, the Small Business Administration is expected to release an update to the sole proprietor version of the PPP loan application, accounting for a rule change that allows companies with no employees to get more money from the PPP than they were previously allotted. Companies with fewer than 20 employees also now
have an exclusive window in which to apply for funds, through March 9th.
The changes are part of a spate of revisions requested by the Biden administration aimed at making the $284.5 billion forgivable loan program more equitable and accessible to the smallest businesses.
It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.
POLITICO
Small business rescue slowed by fight against fraud, drawing protests
The Small Business Administration revealed plans Wednesday to speed up the process and keep the government-guaranteed loans flowing.
A bike sits outside Artisan Bar and Cafe on St. Claude Avenue on Jan. 30, 2021, in New Orleans. | Dorthy Ray/AP Photo
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Tens of thousands of small businesses have faced delays in receiving emergency payroll support loans that Congress authorized in December, sparking an uproar that has forced the agency responsible for distributing the funds to quickly find a solution.
The Small Business Administration, which acknowledges the delays were caused by efforts to ratchet up anti-fraud measures that the Paycheck Protection Program lacked when it was first launched last year, revealed plans Wednesday to speed up the process and keep the government-guaranteed loans flowing.