PPP Delays and Tweaks

Credit: Cowen Construction

Budget, Policy & Stimulus News

PPP Delays Frustrating Ariz. Businesses

As of Feb. 21, 1.9 million Paycheck Protection Program loans, totaling $140B across the country, have been approved by the Small Business Administration. Arizona businesses account for 23,000 of those loans, worth $1.8B. Many of those businesses, however, have encountered a variety of delays. The Biden Administration announced plans to improve the systems, including better access for sole proprietors and a window of exclusive access for companies with fewer than 20 employees. (Source)

PPP Tweaks May Provide More Money for Smallest Businesses

Adjustments to the Paycheck Protection Program by the Biden Administration could end up providing more loan funding to the smallest businesses – sole proprietors and independent contractors. Even though these operations have no employees, by some estimates they make up 80% of all businesses. A PPP change that allows these businesses to calculate Small Businesses Administration loan eligibility by net profit, rather than gross income, is intended to expand access. (Source)

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