The federal government has announced new rules for Paycheck Protection Program loans intended to help more small businesses obtain them.
Starting Wednesday, only businesses with 20 or fewer employees can apply for PPP loans during a two-week period. The 14-day exclusive application period will allow lenders to focus on serving small businesses, President Biden’s administration announced.
The administration also announced plans to assist sole proprietors, independent contractors, and self-employed individuals receive more financial support. Many were structurally excluded from the PPP or were approved for as little as $1 because of how PPP loans are calculated.