As previously reported here, President Biden directed the Small Business Administration (SBA) to impose an exclusive two-week window where only the smallest businesses – those with fewer than 20 employees and sole proprietors – can apply for Paycheck Protection Program (PPP) loans. He also instructed the SBA to change the loan calculations so certain

The Biden Administration announced further changes to the Payroll Protection Program (PPP). These changes are aimed at increasing lending to small business and independent contractors, removing barriers to borrowing, enhancing transparency, reducing fraud, and increasing the program’s engagement with other would-be borrowers.

Beginning this Wednesday, February 24, only businesses with fewer 20 employees can apply

The Economic Aid Act made important changes to the PPP program – expanding eligibility and reopening the program for new borrowers, allowing some borrowers to receive a second loan, expanding the uses for loan proceeds, and creating a streamlined loan forgiveness processes for loans of $150,000 or less.  All of these changes can be challenging