Second Round PPP Priority for Small Businesses and Sole Proprietors Until March 9th, 2020
Dear Ulster County Business Owner, A 14-day exclusivity period for businesses and nonprofits with fewer than 20 employees has begun and will end on Tuesday, March 9, 2021, at 5 p.m. ET.
All applications already submitted by lenders to SBA before the start of the exclusivity period will still be processed by SBA. During the two-week period, SBA will not accept new applications from lenders for businesses and nonprofits with 20 or more employees, so that lenders can focus on serving smaller companies. Once the exclusivity period ends, lenders will be able to submit PPP loan applications for all eligible businesses and nonprofits again.
SBA also announced four additional changes to open the PPP to more underserved small businesses than ever before. While these changes are being implemented, SBA will work with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. And, SBA will strengthen its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA will:
- 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 student loan payments by eliminating student loan debt delinquency 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.
The Ulster County Office of Economic Development
