{"id":4542,"date":"2021-03-01T08:58:42","date_gmt":"2021-03-01T08:58:42","guid":{"rendered":"https:\/\/scarletoakfs.webarc.dev\/?p=4542"},"modified":"2023-04-24T17:10:41","modified_gmt":"2023-04-24T21:10:41","slug":"changes-to-paycheck-protection-program","status":"publish","type":"post","link":"https:\/\/scarletoakfs.com\/changes-to-paycheck-protection-program\/","title":{"rendered":"Changes to Paycheck Protection"},"content":{"rendered":"

Information for small business owners to consider.<\/em><\/p>\n

On Monday, Feb. 22, the White House announced several changes to the Paycheck Protection Program (PPP) that went into effect on Wednesday, Feb. 24. These changes are intended to further target \u201cthe smallest businesses and those that have been left behind in previous relief efforts.\u201d1<\/sup><\/p>\n

If you\u2019re a small business owner in need of financial assistance, you may find these changes helpful in securing a Paycheck Protection Program (PPP) loan:<\/p>\n

Change #1: Two-Week Exclusive Application Period <\/strong><\/h5>\n

Beginning Feb. 24, the PPP will only accept applications from businesses with 20 or fewer employees. According to the White House, approximately 98 percent of small businesses in America have fewer than 20 employees, yet these small businesses have found it difficult to compete with larger companies for PPP loan access. There will be a 14-day exclusive application period, which is designed to help lenders focus solely on serving these small businesses.1<\/sup><\/p>\n

Change #2: Adjustments to the Loan Calculation Formula <\/strong><\/h5>\n

The White House has announced that adjustments will be made to the current loan calculation formula. This will be done to address challenges faced by small businesses without employees. These include sole proprietors, independent contractors, and self-employed individuals. In past instances, these business owners have received as little as $1 in Paycheck Protection Program (PPP) assistance or been excluded from receiving funding altogether. In conjunction with an adjustment to the loan calculation formula, $1 billion will be set aside for businesses without employees located in low- and moderate-income areas.1<\/sup><\/p>\n

Change #3: Reduce Non-Fraud Felony Restrictions<\/strong><\/h5>\n

The PPP Second Chance Act will eliminate some restrictions business owners currently face. Businesses will no longer be ineligible if a 20 percent or greater owner was convicted of a non-financial assistance related felony in the last 12 months unless they are incarcerated at the time the PPP loan application is filed. In addition, the SBA will remove the restriction on business owners with delinquent student loan debt. The removal of these restrictions will broaden eligibility for business owners who previously were unable to utilize PPP loan assistance.1<\/sup><\/p>\n

Small business owners in many sectors of the economy have been impacted by the ongoing pandemic. While vaccination rollouts are helping to slow the spread of COVID-19, businesses across the country are continuing to grapple with capacity limitations, shutdown orders, and other economic hurdles. If you\u2019re a small business owner struggling to make ends meet, now may be an opportune time to apply for a Paycheck Protection Program (PPP) loan. If you have any questions regarding this process or your eligibility, please contact our office. We may be able to point you in the direction of additional resources.<\/p>\n

Scarlet Oak Financial Services can be reached at\u00a0<\/strong>800.871.1219<\/strong><\/a>\u00a0or\u00a0<\/strong>contact us here<\/strong><\/a>.<\/strong><\/p>\n

Source:<\/h5>\n

This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note – investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.<\/em><\/p>\n

Citations<\/em><\/p>\n

    \n
  1. WhiteHouse.gov<\/a>, February 22, 2021<\/em><\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"

    Information for small business owners to consider. 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