The exclusive Paycheck Protection Program loan application period for businesses and nonprofits with fewer than 20 employees closes March 9.
The SBA has adjusted the PPP to decrease barriers for small businesses. Changes include:
allowing 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;
eliminating an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions;
eliminating PPP access restrictions on small business owners who have struggled to make federal student loan payments; and
ensuring 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.
The 14-day exclusivity period started on Feb. 24. Pikes Peak Small Business Development Center offers free expert consulting to help with grant and loan applications.
Borrowers can apply for the Paycheck Protection Program by downloading the First Draw PPP loan application or Second Draw PPP loan application and working with a participating PPP lender through the SBA Lender Match tool.
More than 36,000 PPP loans totaling nearly $2.9 billion have already been approved for Colorado small businesses since January 2021.