Home News DTPHX Small Enterprise Homeowners: What You Want To Know About New PPP...

DTPHX Small Enterprise Homeowners: What You Want To Know About New PPP Guidelines

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In March of 2020, the Sheraton lodge in Downtown Phoenix despatched out a message of affection and help to these affected by the coronavirus pandemic by lighting up empty rooms within the form of a coronary heart. (Photograph: Josh Root)

On Wednesday, the Small Business Administration (SBA) opened an unique 14-day Paycheck Safety Program (PPP) mortgage utility window for companies and nonprofits with fewer than 20 workers. The precedence window will solely be open Wednesday, Feb. 24 via Tuesday, March 9, 2021.

The objective is to prioritize loans for small and minority-owned companies who have been unable to entry PPP funds previously —  98 % of small companies make use of fewer than 20 individuals, however have obtained solely 45 % of PPP funding to this point, in keeping with the SBA.

If it’s your first time making use of for the Paycheck Safety Program, you possibly can obtain and fill out the First Draw PPP mortgage utility. For debtors that beforehand obtained a PPP mortgage in 2020, you want to fill out the Second Draw PPP mortgage utility.

Taking part PPP lenders in your zip code will be discovered via the SBA lender search tool, and there are many choices in Phoenix.

The SBA additionally introduced new reforms to this system, which roll out in early March. These reforms embody:

  • Permitting sole proprietors, unbiased contractors, and self-employed people to obtain extra monetary help by revising the PPP’s funding components for these classes of candidates.
  • Eliminating an exclusionary restriction on PPP entry for small enterprise house owners with prior non-fraud felony convictions, in keeping with a bipartisan congressional proposal.
  • Eliminating PPP entry restrictions on small enterprise house owners who’ve struggled to make federal pupil mortgage funds by eliminating federal pupil mortgage debt delinquency and default as disqualifiers to taking part within the PPP.
  • Guaranteeing entry for non-citizen small enterprise house owners who’re lawful U.S. residents by clarifying that they might use an Particular person Taxpayer Identification Quantity (ITIN) to use for the PPP.

Questions?

If you’re a Downtown Phoenix small enterprise with questions concerning the PPP mortgage, contact Sara Scoville-Weaver, senior enterprise improvement supervisor with the Downtown Phoenix Partnership, at [email protected] or name 602-744-6408.