Since the Paycheck Protection Program (PPP) was launched as part of the CARES Act in March 2020 it has undergone numerous changes and updates. The short timeframe the Small Business Administration (SBA) had to implement the PPP meant the time typically used to develop a comprehensive framework was simply not available. This resulted in many small businesses and organizations missing the opportunity to receive a loan due to confusion, lack of guidance, and inattention from lenders. Since the PPP was re-funded in early 2021, some accessibility issues have been addressed. In fact, it was recently reported by the SBA that through February 21st, there have been 1.3M loans issued to small businesses for loans amounts of less than $50,000. To build upon this, the Biden Administration announced additional changes to the PPP designed to help very small businesses obtain access. To help clients, prospects, and others, Wilson Lewis has provided a summary of the key details below.
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These changes will certainly expand PPP access to small Atlanta and Georgia businesses that have previously been unable to apply for a loan. Since the exclusive application period has already started, it is important to act quickly if you are going to apply. If you have questions about the information outlined above or need assistance with a PPP, tax, or accounting issue, Wilson Lewis can help. For additional information call us at 770-476-1004 or click here to contact us. We look forward to speaking with you soon.
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