SBA Prioritizes Smallest of Small Businesses in the Paycheck Protection Program

Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.
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The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation:
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  • For businesses with fewer than ten employees, the share of funding is up nearly 60%
  • For businesses in rural communities, the share of funding is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%
“The SBA is a frontline agency working to create an inclusive economy, focused on reaching women-owned, minority-owned, low- and moderate-income, rural, and other underserved communities in meaningful ways. While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” says SBA Senior Advisor Michael Roth. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”
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These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:
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  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
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NYS Coronavirus Updates

New York Forward Rapid Test Program
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New York launched the New York Forward Rapid Test Program to help accelerate a safe economic recovery. This unique public-private partnership will make low-cost rapid testing available to the public to support enhanced economic activity as the State continues to reopen sectors of the economy. Eleven initial sites will open today in New York City with the capacity to conduct more than 5,000 tests per day, while additional sites are scheduled to open in New York City and other parts of the state in the coming weeks. Learn more.
New York City indoor dining
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New York City indoor dining will expand to 35 percent capacity next week. The new reopening guidance goes into effect Friday, February 26, and aligns with New Jersey’s 35 percent limit.

Weddings and catered events can resume statewide

Beginning March 15, weddings and catered events can resume statewide. Venues are restricted to 50 percent capacity, with no more than 150 people per event. All attendees and patrons must be tested prior to the event. Mask wearing and other safety protocols will be required.