New PPP Changes for Small Businesses

The SC SBDC is aware that our small businesses continue to be seriously impacted by the COVID-19 pandemic. Please be assured we are here to help you. The SC SBDC remains fully operational and available to you via online, phone and email. Reach out to us for any assistance you need to mitigate issues your business is facing during this time. 

As the second round of the Payroll Protection Program is released, know that you can use us as a resource to walk through the process. This PPP is now better designed to help smaller businesses get a first shot at the funding before the larger businesses jump in. The following points address the new commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas.

Highlights of these changes

To be eligible for the 14-day exclusive PPP loan application period (Feb 24 – Mar. 9) you must be a businesses or nonprofit with 20 or fewer employees.

If you meet this criteria, and would like to apply, please contact us for assistance.

http://www.scsbdc.com
  • Allows 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;
  • Eliminates an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
  • Eliminates 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 disqualifiers to participating in the PPP; and
  • Ensures 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 14-day exclusivity period began Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. The SBA is working on the program changes and will communicate additional details throughout this time

http://www.sba.gov

In addition to providing private consulting services, we are also further expanding our online capacity in order to best serve your small business. This includes training sessions on critical topics related to managing your business during this situation. Visit https://www.scsbdc.com/training-events to register for an upcoming training.

The SC SBDC is here to help keep South Carolina’s Main Streets alive. Ask us. We can help.

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