COVID 19 Resources

COVID-19 Resources

WED | MARCH 10, 2021| 5pm-7pm

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New PPP Guidelines to Help Black Businesses

Self-employed and sole proprietors can now use gross income (versus net income) to calculate the PPP loan amount, increasing potential loan size.

  • Business owners behind on their federal student loan payments are now eligible for PPP loan forgiveness.

  • Clarification that non-citizen small business owners who are lawful U.S. residents can use an Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
  • Small business owners with prior non-fraud felony convictions are no longer excluded from applying for PPP loans.

The SBA website also includes tools to help you get matched with a lender or find lenders in your area.
ACT QUICKLY. Unless the federal government extends the deadline, the PPP will expire on March 31, 2021.