President Joe Biden early Monday announced a series of changes to the Paycheck Protection Program designed to make the program more accessible to underserved borrowers. The changes: as Alameda County Returns to Purple Tier
- Starting Wednesday, only businesses with fewer than 20 employees can apply for loans for a two-week period.
- The way loans are calculated will be revised so businesses without employees get more relief. The previous calculation — based on payroll — made the program ineffective for sole proprietors and independent contractors, including many businesses of color. The Biden administration also will set aside $1 billion in PPP loan funds for businesses without employees in low- and moderate-income areas.
- The elimination of an exclusion that prevents business owners with non-fraud felony convictions from accessing the program.
- The elimination of an exclusion that prevents business owners who are delinquent on federal students loans from accessing the program.
- Non-citizen small-business owners who are lawful U.S. residents will be able to apply for loans using individual taxpayer identification numbers.
PPP, the Small Business Administration’s principal pandemic-relief program, is scheduled to run through March 31.
Oakland’s Outdoor Businesses and Activities Resume as Alameda County Returns to Purple Tier
Click here for more information
Oakland homeowners: Are you behind on mortgage or HOA payments as a result of the Covid-19 pandemic?
Contact HERA to find out whether you are eligible for grant funds to pay that debt. Contact Us Today →HERA
Additional Resources:
– City of Oakland
– Small Business Administration
– Alameda County
– SBDC Alameda County
– No Immigrant No Spice