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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.


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%
  • 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.


This webinar is provided with complimentary entry and is open to members of the general public. It will be held on the Zoom online meeting platform and will be simultaneously broadcasted to the Queens Chamber of Commerce Facebook page. The link for the Zoom registration is included below for convenience and will also be emailed to all registrants upon successful registration.


Zoom Link

Speaker

  • Man-Li Lin (Economic Development Specialist at U.S Small Business Administration)

    Man-Li Lin

    Economic Development Specialist at U.S Small Business Administration

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