Special PPP Application Period for Small Businesses and Sole Proprietors

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Beginning Wednesday, February 24, the White House is instituting a 14-day period during which only businesses with fewer than 20 employees can apply for the Paycheck Protection Program (PPP). The full text of the announcement is available at https://www.whitehouse.gov/briefing-room/statements-releases/2021/02/22/fact-sheet-biden-harris-administration-increases-lending-to-small-businesses-in-need-announces-changes-to-ppp-to-further-promote-equitable-access-to-relief/.

In addition, the announcement includes a pledged reform to help sole proprietors, independent contractors, and self-employed individuals through the PPP by using a more generous loan formula. Details of the changes are still forthcoming.

ABMP's information about applying for PPP loans is available at https://www.abmp.com/updates/news/financial-benefits-massage-therapists-coronavirus#2. Applicants need to apply directly with a bank that is an approved Small Business Administration (SBA) lender, and the current application deadline is March 31, 2021.

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