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The original item was published from 2/25/2021 3:50:00 PM to 3/10/2021 12:00:03 AM.

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Posted on: February 25, 2021

[ARCHIVED] SBA Prioritizing Smallest of Small Businesses with Changes to the Paycheck Protection Program

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Attention Benbrook Businesses:  

The City of Benbrook and Benbrook Economic Development Corporation would like to make you aware of changes to the U.S. Small Business Administration’s (SBA) Paycheck Protection Program (PPP). 

The SBA has established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees to begin on Feb. 24 and end on March 9. 

Larger PPP-eligible businesses will still have plenty of time to apply for and receive support before the program expires on March 31, 2021. 

Changes to the PPP

  • 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 (this portion of the program is expected to start the week of March 1 and will also end on March 9)
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions; 
  • Eliminate 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; and
  • 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.

For more information on the expansion of Paycheck Protection Program for small businesses with 20 employees or less, visit www.sba.gov or call your local SBA office at 817-684-5500.

SBA Press Release

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