SBA Paves Way for Sole Proprietors to Take Bigger PPP Loans

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 ...