: The SBA has stopped accepting PPP applications due to lack of funds. The SBA will continue to fund outstanding applications that have been already approved.
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The SBA has announced changes to the PPP, including a revised funding formula for sole proprietors, independent contractors, and the self-employed. We will update this article when the SBA releases further guidance on the new rules.
The latest COVID-related stimulus bill was signed into law on (PPP) and Economic Injury Disaster Loan (EIDL) programs are expected to return in . Learn more about the new legislation in our article, Congress Passes New PPP Legislation, Targeted EIDL Program.
With this latest round of PPP funding, businesses – even those that received a PPP loan during the first funding period – will have a second chance to take advantage of the popular relief package. This includes businesses whose owners may have assumed they did not qualify due to being sole proprietorships with no employees (this status technically applies to freelancers as well).
In April, the SBA released guidance in the form of an “interim final rule” clarifying who does and doesnt qualify for the PPP. It specifically addresses the question of PPP funding for sole proprietorships and businesses without employees. The most recent interim final rules released by the SBA after the latest aid package was passed in December confirm this guidance.