New PPP grant guidelines prioritize small businesses, application opens on Wednesday

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MYRTLE BEACH, SC (WBTW) – A New program will open Wednesday for two weeks targeting relief for small businesses with less than 20 employees.

Since the start of the pandemic, small businesses have had the most difficulty obtaining Paycheck Protection Program (PPP) loans.

Nearly 400,000 small US businesses have closed permanently during the pandemic, according to the Small Business Administration (SBA).

For 14 days, the new program will only open to small businesses and nonprofits with fewer than 20 employees.

According to representatives of the South Carolina SBA, as long as small businesses submit their applications within the new two-week deadline, they will prioritize them.

The $ 284 billion in P3 loans is dedicated to helping small businesses and paving the way for much-needed help from these groups.

The new program also includes some changes which initially prevented people from applying for and prioritizing loans for some of our smaller businesses.

Several eligibility restrictions were lifted, including one that prevented small business owners who had previously been convicted of non-fraudulent crimes from obtaining relief through the PPP.

Individual homeowners, sole traders and self-employed people can now calculate their loans differently to increase loans and receive more support.

Previously, self-employed people calculated their loans using net profits instead of gross income, which failed to capture the full costs that sole proprietors and independent contractors face. The new formula intends to help increase substantial loans.

“They’re also removing some of the restrictions like who was behind on student loans, they want them to now be able to apply and be eligible for a PPP loan, and also some of the small businesses immigrating here to the US will now be eligible.” with their ITINS as well, ”said Wilburn.

Small business prioritization for the new program will run until March 9 at 5 p.m. EST.

Afterwards, companies can still apply, but they will not be given priority.

If you have any questions, contact the SBA district office at 803-765-5377.

You can also contact local Myrtle Beach resource partners, including the Small Business Development Center at 843-349-4010.

To access free counseling assistance to help you with the PPP application and learn more ways to help you recover, call this number, 843-918-1079.

For more details and PPP updates, click here.

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