New PPP guidance cements formula change, spurs calls to extend deadline

Dive Transient:

  • The Small Business Administration produced new steering Wednesday allowing sole proprietors, unbiased contractors and the self-employed to use gross earnings fairly than net income to determine the volume of Paycheck Protection Software funding they need to receive.
  • The adjustments appear all through a two-week window in which the PPP portal — until March 9 — is accepting programs only from businesses with fewer than 20 staff. Nevertheless, the portal is slated to halt having programs March 31.
  • The SBA accepted virtually two.two million loans worth $156.two billion between PPP’s January relaunch and Feb. 28, in accordance to company data. That accounts for just much more than 50 percent of the $284 billion a December bill earmarked for the program. The new steering, mixed with the prospect of leftover funds, has some bankers lobbying for PPP to lengthen over and above March.

Dive Perception:

The final rule codifies adjustments

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