The Small Business Administration is tweaking its Paycheck Protection Program to better help the smallest businesses.
The SBA is taking steps to promote equitable relief, by focusing on those with low and moderate-incomes, and in rural, urban and other underserved areas.
The SBA’s Delaware District officer director John Fleming says there are two important ways the SBA is helping.
"Open it up to the smallest of small businesses with less than 20, it's always been open for them, but we made it for the next 14 days we're going to only service those businesses for approval," said Fleming. "The big one was the sole proprietor and 1099. We recalculated the way that we come up with a loan amount for those folks and those folks will be eligible for more money than they were before."
They already established the 14-day period on Wednesday.
SBA will also eliminate restrictions for small business owners with prior non-fraud felony convictions, and eliminate restrictions on small business owners who have struggled to make federal student loan payments.
Small business owners who are not citizens, but lawful U.S. residents will get access by clarifying they may use their Individual Taxpayer Identification Number to apply for the PPP.
Fleming says the goal is to help as many as possible who need the help.
"It's always more effective when we can help more people keep them employed, it clears up some confusion, and the biggest changes were the sole proprietor and 1099," said Fleming. "That is really going to increase the amount of money that people on a hard-working basis."
Fleming notes in the latest round of PPP’s, Delaware issued in the range of 4,500 loans worth over $500 million dollars.
Updated PPP information, including forms, guidance, and resources is available at the SBA's websiteand ftom the Treasury Dept. website.
