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This page is for community bankers to ask questions, share experiences and learn more about the PPP process.
​This is a peer exchange and not official interpretation or legal consultation.
Please refer to SBA and Treasury for 
official guidance. 

White House announces PPP reforms targeting smallest businesses

2/23/2021

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The Biden administration announced several Paycheck Protection Program reforms to target the program to the smallest businesses.
 
The updates include:
  • A 14-day period, starting Wednesday, during which only businesses with fewer than 20 employees can apply for PPP relief. During this period, however, applications already in the pipeline or requiring error resolution will continue to be processed.
  • Revising the loan calculation formula for sole proprietors, independent contractors, and self-employed individuals to use gross income instead of net income, as advocated by ICBA. Additional details are expected on whether this will be limited by number of employees or otherwise. Further, $1 billion will be set aside for PPP loans to businesses in this category without employees located in low- and moderate-income (LMI) areas.
  • Eliminating restrictions preventing small-business owners delinquent on their federal student loans or with prior non-fraud felony convictions from qualifying for the PPP.
  • Ensuring access for non-citizen small-business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Numbers to apply for relief.
The administration also said it has revised the PPP loan applications to encourage self-reporting of demographic data, and it will conduct stakeholder outreach on PPP challenges. The SBA also will launch an initiative to enhance lender engagement with opportunities for lenders to provide recommendations and ask questions about the PPP and obtain resolution of open questions and concerns in a more streamlined way.
 
Additional PPP information and resources are available on the SBA and Treasury sites and ICBA's PPP and EIP News page.
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    Related Resources:
    • ICBA 
      Info and FAQ on SBA PPP
    • ​Treasury FAQ 
    ​OriTrust
    ​

    OriTrust's PPP Fast Application is a powerful bank developed tool that can help its members fast-track PPP lending and is very straightforward and simple to use. It helps with making sure the bank is collecting all the required information and with the ongoing monitoring of information to ensure each borrower obtains loan forgiveness. 
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  • Membership
    • Member Portal Login
    • Bankers Helping Bankers
    • Associate Membership
    • CCBN Associate Member Directory
  • Education and Events
    • Seminars and Events
    • Webinars >
      • Categories >
        • AUDIT & ACCOUNTING
        • Collections
        • Compliance
        • Directors
        • Frontline New Accounts
        • Human Resources
        • IT
        • IRA
        • Lending
        • Marketing
        • Operations
        • Security & Fraud
        • Senior Management
    • Recorded Webinars
    • Community Banker University >
      • CBU Certification Programs
      • CBU Bank Director Program
      • CBU Leadership Academy
      • CBU Online Training
      • ICBA LIVE 2023
      • ICBA Lead FWD Summit
  • Advocacy
    • Legislative Successes
    • From ICBA >
      • From Washington DC
      • From the Top
      • Portfolio Management
  • About Us
    • Our Team
    • Board of Directors
    • Contact
  • Preferred Service Providers (PSP)
    • PSP Announcements