On Monday, February 22, 2021 the Biden-Harris Administration and the Small Business Administration (SBA) announced the following changes to the SBA’s Paycheck Protection Program (PPP) to further promote equitable relief for America’s mom-and-pop businesses including those in Ojai:
- From February 24 – March 10, 2021, the SBA will establish a 14-day Paycheck Protection Program (PPP) loan application period exclusively for businesses and nonprofits with fewer than 20 employees.
- Sole proprietors, independent contractors and self-employed individuals will receive more financial support.
- Non-citizen small business owners who have an Individual Taxpayer Identification Number (ITIN) are eligible to apply for PPP.
- Small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal are eligible to apply for PPP.
- Small business owners who are impacted by federal student loan debt delinquency are eligible to apply for PPP.
Who can apply?
Eligible entities include businesses, certain non-profit organizations, housing cooperatives, veteran organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives, amongst others. To see if you are eligible to apply, please visit: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/first-draw-ppp-loans
The Small Business Development Center serving Ventura County (EDC SBDC) is available to answer questions and help navigate today’s complex financial environments by calling 805.409.9159. Para Español 805.309.5874.