Smallest businesses get exclusive PPP application window

Dive Short:

  • The Small Business Administration, for two weeks starting Wednesday, will only accept Paycheck Defense Software personal loan applications from companies with much less than twenty staff members, White Residence officers introduced Monday.

  • The Biden administration introduced various other revisions to the SBA’s method, like improvements to the way financial loans are calculated for companies with no staff members, these kinds of as sole proprietors, impartial contractors and the self-used. 

  • These attempts “will increase a great deal-essential methods to support modest companies endure, reopen, and rebuild,” the White Residence said in a assertion.

Dive Perception:

The administration said the SBA will now compute the personal loan volume for applicants with no staff members by using gross money rather of payroll. 

Firms with no staff members were structurally excluded from the method or were approved for as little as $one simply because of how their PPP financial loans were calculated,

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