SBA to host webinar series on smallest biz PPP window, releases new IFR and forms for Schedule C borrowers
Following the Small Business Administration's (SBA) announcement of an exclusive paycheck protection program (PPP) window for small businesses with fewer than 20 employees through March 9, the agency is hosting a series of webinars to give an overview of the key changes to ensure equitable access to the program. The events will be hosted by the SBA in partnership with the Public Private Strategies Institute, and other stakeholders.
Additionally, the SBA released new application forms and an interim final rule (IFR) stating that the definition of "income" will include gross income for consistency with the intent to provide relief to small businesses and prioritize loans to those in underserved markets. Of note, a Schedule C filer may elect to calculate the owner compensation share of its payroll costs based on net profit or gross income.
The IFR also amends the safe harbor for review of loans indicating that borrowers who use gross income to calculate the maximum loan amount for a first-draw loan and report more than $150,000 in gross income will not be automatically deemed to have made the required certification. For more on the changes, the SBA is hosting a webinar today at 4:00 p.m. Eastern.
During the PPP window webinar series, which began Wednesday, participants will review:
- what steps can be taken to take advantage of the exclusive window;
- additional changes and recent policy announcements made by the Biden administration; and
- have the ability to ask SBA leadership questions.
The remaining webinar schedule follows:
- Today at 3 p.m. Eastern: New PPP Rules Change Briefing for Asian-American and Pacific Islander, Native American and Tribal Small Business Owners
- Tomorrow at 1 p.m. Eastern: New PPP Rules Change Briefing for Black and African-American Small Business Owners
- Tomorrow at 3 p.m. Eastern: New PPP Rules Change Briefing for Hispanic Small Business Owners
- Saturday at 2 p.m. Eastern: New PPP Rules Change Briefing for Veterans, Self-Employed Small Business Owners
- Monday at 3 p.m. Eastern: New PPP Rules Change Briefing for LGTBQ Small Business Owners, Youth Entrepreneurs, Restaurants Owners
The Biden administration last week issued a statement outlining updates to the program in an effort to promote equitable access to relief and the SBA eliminated three PPP application-related exclusions. Additionally, the agency announced that it plans to set aside $1 billion of program funding for borrowers with no employees who are located in low- and moderate-income communities.
NAFCU will continue to advocate for program improvements and transparent guidance to ensure credit unions can lend effectively through the PPP. Stay tuned to NAFCU Today for the latest on the program from the SBA, Treasury and the administration. Access the association's recently updated PPP FAQs here.
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