New Exclusive PPP "Mom & Pop Forgivable Loan" [Sole Proprietor, Self Employed, & Non-Citizen]
Channel: Coach EJ Williams
Date: 2021-02-24

In this video, I will be covering the changes announced by President Biden and the SBA for the PPP loan application process.

https://www.sba.gov/page/coronavirus-covid-19-small-business-guidance-loan-resources

Starting Wednesday, February 24, 2021@ 9am (EST), the SBA will establisha 14 day, exclusive PPP loan application period for “Mom and Pop businesses, sole proprietors, non-profits, & non-citizens with fewer than 20 employees, ends March 10th. ONLY 14 DAYS

A critical goal from Congress was to reach “LMI”, low-and-moderate-income small businesses who have not received the need for relief. The “Exclusive PPP” Loan provides:

This will allow lenders more to work with smallest of the smallest business to submit their application 20 employees or less:

 “Exclusive PPP” 5 Rules 

1. Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
2. 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
3. Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
4. Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifies to participating in the PPP; and
5. 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.

This actions will help our community lets come together WE employ half of the U.S. workforce & reinvest 68% of revenues back to build and sustain communities.

Please note that this video for information purposes only and not intended to provide or relied upon for tax, legal, or accounting advice. Please consult your own CPA, tax advisor, legal and accounting advisors.

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#PPP #NEWPPP #EXCLUSIVEPPP #MOM #POP #BUSINESS #STIMULUS