- 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.
The final rule codifies adjustments