Updates to Paycheck Protection Program

If you’re one of the many businesses struggling to stay afloat during this Pandemic, the updates to the Paycheck Protection Program comes as good news, especially if you’re a small business owner with less than 20 employees.

Now through March 10, the SBA is exclusively approving forgivable loans to businesses and nonprofits with fewer than 20 employees. The intent is to provide these businesses the opportunity to work with lenders and community partners without having to compete with their larger counterparts.

Solo proprietors, independent contractors, and self-employed individuals will be able to get more financial support thanks to a modification to the program’s funding formula.

To find out about the other changes that were made, please visit the SBA’s Small Business Guidance & Loan Resources page. If you’re interested in applying, please visit www.rclfms.com/ppp-20.