SBA To Make PPP Easier for Small Business
Since the Biden Administration came online in January, it has worked with the U.S. Small Business Administration to make the Paycheck Protection Program easier to access for small businesses, as well as more inclusive of minority-owned and women-owned businesses.
The changes already made have increased funding to businesses with fewer than 10 employees approximately 60% and funding to businesses in rural communities to nearly 30%, which is great news for Vermont and New Hampshire’s food businesses, independent restaurants and bars. Starting Wednesday, February 24, 2021, there will be a two-week PPP application period that allows only small businesses (with 20 or fewer employees) to apply for PPP loans. This should make it easier for small business owners to get in the PPP queue. In addition, in the coming days, it is anticipated that the PPP loan amount calculation formulas for sole proprietors, self-employed individuals and independent contractors will be revisited to allow said individuals to receive more funding under the PPP than was previously available. These changes, as well as some additional changes, are anticipated to be in place by the first week of March. For more information, please see the SBA's press release. If you have questions about how PPP loans could be used to assist your food business, restaurant or bar, please reach out to DRM.