2024-06-23 1:25 AM

The White House Announces Reforms To Payroll Protection Program

The White House has announced several reforms to help get Payroll Protection Program funding to the smallest businesses and those that have been left behind in previous relief efforts.

The reforms include a 14-day period, starting Feb. 24, during which only businesses with fewer than 20 employees can apply for relief through the Program to allow lenders to focus on these smallest businesses.

Reforms are also directed to help sole proprietors, independent contractors, and self-employed individuals receive more financial support, eliminate an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief, eliminate an exclusionary restriction that prevents small business owners who are delinquent on their federal student loans from obtaining relief, and ensure access for non-citizen small business owners who are lawful US residents by clarifying that they may use Individual Taxpayer Identification Numbers to apply for relief.

For more information about these reforms and the administration’s steps to ensure equitable distribution of relief, visit the White House’s website.

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