WASHINGTON (Feb. 22, 2021) — The Biden administration has announced changes to the Paycheck Protection Program (PPP) loan program that may impact the construction industry. For a 2-week period beginning on February 24, only small business with fewer than 20 employees can apply for new PPP loans. The goal is to help the smallest businesses collect funds to offset financial instability during the COVID-19 pandemic. Additionally, the changes announced today will provide more funding for sole proprietors and self-employed individuals, eliminate the restriction preventing small business owners with nonfraud related felonies from receiving aid, allow small business owners with student aid debt to receive PPP loans and ensure access for noncitizens who are lawful residents.
The remaining funds for this latest round of loans will last through March 31. It is unclear at the moment if the program will be extended after that date as it was in December. This extension would be up to Congress, not the president.
You can read the fact sheet detailing President Biden's changes here.
