The Pay Check Protection Program’s exclusive loan application period for businesses and nonprofits with less than 20 employees ends March 9.
The SBA has adjusted the PPP to reduce barriers for small businesses. The changes include:
-
allow sole proprietors, independent contractors and self-employed workers to receive more financial support by revising the PPP funding formula for these categories of applicants;
-
remove an exclusionary restriction on PPP access for small business owners with previous non-fraudulent felony convictions;
-
remove restrictions on access to P3s for small business owners who have struggled to repay their federal student loans; and
-
Ensure access to non-citizen small business owners who are legal residents of the United States by specifying that they can use the Individual Tax Identification Number (ITIN) to apply for the PPP.
The 14-day exclusivity period began on February 24. Pikes Peak Small Business Development Center offers free expert consultation to help with grant and loan applications.
Borrowers can apply for the Paycheck Protection Program by downloading the PPP First Draw loan application Where Second PPP loan application and working with a participating PPP lender through the SBA Lender Matching Tool.
More than 36,000 PPP loans totaling nearly $ 2.9 billion have already been approved for Colorado small businesses since January 2021.
