The Biden administration announced new guidance on Monday to target aid to the smallest employers in the nation by granting qualifying businesses exclusive access to PPP for fourteen days beginning on March 9. 

To be granted access, businesses with fewer than 20 employees will be given exclusive access for fourteen days. The Small Business Administration will also work directly with lenders and small business owners to seek out qualifying businesses to ensure they are aware and utilize the program during this window. 

Other changes that may affect your dealership include new changes to PPP eligibility calculations help sole proprietors, independent contractors, and self-employed individuals to receive additional financial support. The Biden administration is setting aside $1 billion for businesses in this category. 

The SBA will eliminate restrictions on business owners with non-fraud felony convictions, and business owners who are delinquent on their federal student loan payments that made them ineligible to apply for PPP. 

Without new legislation, PPP expires on March 31. Applications received by larger businesses prior to March 9 will continue to be processed on time and will not face a delay, according to SBA.

The U.S. House of Representatives is set to vote on Biden’s proposed $1.9 trillion American Rescue Plan on Friday or Saturday which would include an additional $7 billion for PPP. 

For more information or any questions, please reach out to MRAA’s government relations manager, Adam Fortier-Brown at adam@mraa.com.