![]() ![]() Extension of Limited Safe Harbor with Respect to Certification Concerning Need for PPP Loan Request.Nondiscrimination and Additional Eligibility Criteria.Requirements – Corporate Groups and Non-Bank and Non-Insured Depository Institution Lenders.Promissory Notes, Authorizations, Affiliation, and Eligibility.Additional Eligibility Criteria and Requirements for Certain Pledges of Loans for the PPP.Borrower Appeals of Final SBA Loan Review Decisions Under the Paycheck Protection Program.COVID Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment.Paycheck Protection Program as Amended by the American Rescue Plan Act.Revisions to Loan Amount Calculation and Eligibility.Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act.Paycheck Protection Program Second Draw Loans.Paycheck Protection Program as Amended by the Economic Aid Act.SBA has issued the following Interim Final Rules related to PPP: The less-than-20 exclusivity period combined with the changes to expand access for sole proprietors, ITINs, returning citizens, and student loan debt will help us achieve congressional goals. With existing policies, the current round has only deployed $2.4 billion to small LMI borrowers, in part because a disproportionate amount of funding in both wealthy and LMI areas is going to firms with more than 20 employees. Congress set a $15 billion set-aside for small and LMI First Draw borrowers. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPPĪ critical goal from Congress for the 2021 round of PPP was to reach small and low- and moderate-income (LMI) businesses who have not received the needed relief a forgivable PPP loan provides. Ensured access for non-citizen small business owners who are lawful U.S.Eliminated PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP.Eliminated an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal.Allowed 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.With the PPP Interim Final Rule and FAQ issued at the end of July, 2021, SBA: And, SBA is strengthening its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. ![]() SBA also made four additional changes to open the PPP to more underserved small businesses than ever before. SBA is working with community partners to improve the emergency relief “digital front door” and conduct extensive stakeholder outreach. This gave lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses would still have plenty of time to apply for and receive support before the program expired on March 31, 2021. Specifically, from February 24 to March 9, 2021, SBA had a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. On February 22, 2021, President Biden announced the following changes to SBA's COVID-19 relief programs to ensure equity: Market research and competitive analysis.
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