The Biden – Harris administration has announced several reforms to further target the PPP for small business lending, targeting small businesses and bailouts for laggards trying to revive the economy.
- The deadline for small businesses to apply for loans is now May 31. The law also extends loan authorization until June 30.
- Revisions to how loans are calculated for sole proprietorships, independent contractors, and the self-employed have allowed loans to provide more forgiveness and set aside $1 billion for sole proprietorships in low- and middle-income areas.
- Small business owners with non-fraud felony convictions are now eligible to apply for the PPP.
- Student loan debt delinquency is no longer a disqualification from the PPP.
- Any legal non-US citizen can apply for the PPP using their Individual Taxpayer Identification Number ( ITIN).
- Small business loan regulations make it clear that all legal U.S. residents can participate in the program, but due to the lack of guidance from the Small Business Administration, there has been inconsistency in access for ITIN holders such as green card holders or those with visas. Eligible applicants cannot be denied a small business loan because they used an ITIN to pay their taxes.
City Economic Programs
- Emergency Working Capital Fund
- Emergency Working Capital Fund – Supplemental Questionnaire
- Restaurant Winter Operations Support Grant
- Cuyahoga County’s application for the Small Business Stabilization Fund
The Small Business Administration is looking for bilingual applicants to assist in the Covid-19 disaster as temporary employees. Remote jobs are available nationwide: https://www.sba.gov/page/respons-jobs-sba
* Attorney/Paralegal – Open to law students awaiting bar exam results
* Customer Service Representative – Available to Business Students or Finance Students
* Loan Specialist
* Loan Assistant
* Project support specialist
Notice: New Economic Injury Disaster Loan and Advance Eligibility: SBA will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL Advance applications, with restrictions for U.S. agricultural businesses.
* Agribusiness includes businesses engaged in food and fiber production, ranching and livestock raising, aquaculture, and all other agriculture and agriculture-related industries (as defined in Section 18(b) of the Small Business Act (15 USC 647(b)) ).
* The SBA encourages all eligible agricultural businesses with 500 employees or fewer to begin preparing the financial information required for an application.