On Feb. 22, President Biden announced the following regulatory changes to the Paycheck Protection Program.
- Beginning Feb. 24 and ending March 9, only businesses with fewer than 20 employees will be allowed to apply for a PPP loan.
- His administration changed its loan-calculating formula for sole proprietors, independent contractors and self-employed individuals so they can more easily secure forgivable loans.
- President Biden will eliminate restrictions on individuals with prior non-fraud felony convictions and individuals who are delinquent on their federal student loans, allowing them to be eligible for PPP funds.
- The Biden administration is expected to issue guidance clarifying noncitizen small-business owners who hold green cards or are in the U.S. on a visa can obtain PPP loans.
