The announcement was made on Monday, February 22, 2021.
Beginning on February 24, 2021, through March 10, 2021, very small businesses and nonprofits of 20 or less employees along with sole proprietors will be allowed to apply for the Payment Protection Program (PPP). During the two-week window, businesses that do not meet these criteria will not be able to apply for the PPP.
Along with the revision to allow very small businesses and nonprofits an opportunity to apply for the PPP, the Biden administration has changed some eligibility rules that will be effective March 2021. These changes would allow for self-employed, sole proprietors, and independent contractors to be eligible to qualify for more funding. Additionally, it would allow for small business owners with non-fraud-related felonies, who are delinquent on their federal student loans, and some non-citizen residents (such as Green Card holders or those in the country on visas) to be eligible to apply for the PPP loan.
To see the full announcement or to get the latest information, please visit the SBA’S Paycheck Protection Program page.