2021_ADN_V6_No2-web

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SMALL BUSINESS NEWS YOU CAN USE Additionally, on March 5, the SBA implemented the rest of the changes the President made, including changing the formula for Schedule C filers, eliminating exclusionary restrictions on student loan debt and non-fraud felony convictions, and ensuring access for immigrant business owners. We are starting to see early momentum from those changes as well. • Nearly 30,000 small businesses had flags removed due to delinquent student loan debt, allowing them access to new PPP loans and forgiveness from the last round of PPP. • Tens of thousands of new applications have come in from sole proprietors, independent contractors, and self-employed individuals from over 2,000 PPP lenders The fact remains that – even with these important improvements to the Paycheck Protection Program’s design and implementation – too many small businesses will continue to close their doors without the additional, targeted support. That’s where the Administration’s American Rescue Plan will step in to play a near-term role with long term benefits, the press release stated. SBA prioritizes smallest of the small businesses A February 22, 2021, press release stated that the Biden-Harris Administration and the SBA are taking steps with the PPP to further promote equitable relief for America’s mom-and-pop businesses. 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: • 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 in the press release. 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: • 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 18 | AUTO DETAILING NEWS | VOL. 6, NO. 2 • SUMMER 2021
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