The Biden Administration recently announced changes to the CARES Act’s paycheck protection program. The paycheck protection program offers forgivable, low-interest loans to businesses to help meet payroll obligations and keep their employees employed.
On February 22, 2021, President Biden announced a two-week window during which only small businesses with fewer than 20 employees can apply for loans. The two-week period began February 24, 2021, and will end on March 9, 2021. This window is a great opportunity for the smallest of small businesses to get the necessary funds to keep their employees on the job.
Other changes to the program include measures to increase racial equity in paycheck protection program lending. These changes are aimed at helping sole proprietors and independent contractors by setting aside at least $1 billion.
Small businesses with cash-flow needs and fewer than 20 employees should consider applying for a paycheck protection program loan during the two-week window. We encourage you to contact the attorneys at Walter | Haverfield to discuss all of your PPP loan program options.
Mike Sorice is an associate in the Columbus, Ohio office of Walter | Haverfield. He assists closely-held businesses with business succession planning, mergers and acquisitions, and tax planning. Mike can be reached at 614-246-2262 or firstname.lastname@example.org.