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SBA Paves Way for Sole Proprietors to Take Bigger PPP Loans

March 3, 2021, 8:38 PM

Self-employed businesses, sole proprietors, and independent contractors have access to larger Paycheck Protection Program loans as the result of a Small Business Administration rule change.

“SBA has determined that changing the calculation for sole proprietors, independent contractors, and self-employed individuals will reduce barriers to accessing the PPP and expand funding among the smallest businesses,” the Wednesday interim final rule said.

  • The guidance also allows business owners that have defaulted or are delinquent in paying federal student loans to get PPP funds.
  • Late last month the White House announced it would narrow PPP applicants to businesses with 20 employees or...

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