Exclusive PPP Application to Women & Minority Small Businesses
The President released a fact sheet on increasing lending to small businesses in need and changes to the PPP to further promote equitable access to relief.
The fact sheet announces five changes to the PPP:
1. Open the PPP to Small businesses that have less than 20 workers.
2. Focus on Women & Minority business along with sole proprietors. And change the calculation of PPP to give more money to them.
a. Will use gross income not net income (Net income is after expenses)
b. Will use 2019 Sch C. ( Draft or filed version)
3. Remove the look back period for non-fraud felons to get PPP.
4. Remove the restriction barring PPP applicants with delinquent federal student loans from obtaining PPP.
5. Give access for non-citizen small business owners. Allow ITIN holders, Green card holders and people here on visa that have small business to have access to PPP.
In this 14-day period, starting Wednesday, Feb. 24, during which only businesses listed above can apply for PPP funding. The 14-day exclusive application period will allow lenders to focus on serving these small businesses only.
YOU CAN USE YOUR 2019 TAXES TO APPLY. YOU DO NOT HAVE TO FILE 2020.
TAXKO Inc, is closely monitoring the details of this news and will be in communication with our clients with additional guidance and resources as the final details are signed into law.
HOW TO APPLY:
Please contact your bank your small business banks with to see if they offer the PPP under this new program. If they do not, or if they require you to open a bank account with them, we have partnered with a lender:
KEVIN L. WOODLEY
Water Street Capital Partners.
They will need the following to start the process:
• YOUR COMPANY EIN.
• YOUR SS#
• COMPANY NAME
• AND YOUR EMAIL ADDRESS
They have a secure portal and an online tool to track your PPP.
Tell them TAXKO sent you and his team will treat you like family.
Good luck to all.