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Small Businesses Missing Out on PPP Funds Without Retroactivity

March 18, 2021, 8:45 AM

Tracy Arrington, the owner of a jewelry company, leapt at the chance to get a forgivable loan when the small business relief program reopened in January. She received just over $4,000—but it’s only a fraction of what she could have gotten if she had applied after the rules changed.

The Small Business Administration revised the rules of the Paycheck Protection Program in early March to allow sole proprietors to use gross income—rather than net income—to calculate their loans, which boosts the amount they are eligible to receive. But the rule change doesn’t apply retroactively, meaning Arrington lost out on $17,000 ...

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