Changes to second round of financial relief for small businesses

Mike Seals - February 22, 2021 11:09 pm

The Biden-Harris administration on Monday announced five changes to the Paycheck Protection Program to help out small businesses that received little to no help last time.

Among those changes are a two-week period, starting Wednesday, during which only businesses with fewer than 20 employees can apply. There’s also additional financial support for sole proprietors, independent contractors and those who are self-employed by revising the PPP loan calculation formula.

“Which opens up the window for so many people, so someone like me who, although I’ve been in business for several years, I’m technically in the startup window,” said Apollo Woods, the founder and CEO of the Oklahoma City Black Eats. “So, now it’s going to take consideration of my gross income and what I can qualify for, for PPP, which will be a huge help to me because I was denied for PPP. I was also denied for local and state grants because those programs utilized banks who approved the federal grant program.”

Woods told KOCO 5 that some of the changes to the program were things he and other small business owners from across the country discussed on a Zoom call recently with White House staff.

“It felt as if everything we all had to say on real issues involving the CARES Act funding and other challenging issues to being a business owner were heard, so to see the current round of PPP and seeing those considerations it gives you a lot of hope,” Woods said. “This could be the start of a better opportunity and a better access for our Black and minority-owned businesses.”

Additionally, the program will now ensure access for immigrant small business owners who are U.S. citizens. It also eliminates restrictions on small business owners with prior non-fraud felony convictions or those who are behind on paying back federal student loans.

 

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