Small businesses in Aliso Viejo looking for COVID-19 relief are in luck. This week, President Biden announced SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This will give lenders and community partners more time to work with the smallest businesses to submit their applications. The application process is now open and will run through March 10th.
The nearly 27 million small businesses in the United States account for 44 percent of the country’s gross domestic product, create two-thirds of net new jobs, and employ nearly half of America’s workers.
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.
To apply, you must have fewer than 20 employees and sole proprietors and submit your application between Wednesday, February 24 through Tuesday, March 9, 2021.
To learn more click here.
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During this time, please let us know if you have any specials or promotions. We would love to help get the word out for you! Please email the information and any flyer that you have to info@alisoviejochamber.com, and we will help with the promotion.
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