PPP Changes FBCHAMPAIGN – State Senator Scott Bennett (D-Champaign) is highlighting recent changes to the federal Paycheck Protection Program that make the program more accessible to smaller businesses.

“The PPP program is a terrific opportunity that has helped many of our local small businesses ease some of the burden, but it was not as accessible for some of our smallest business owners,” Bennett said. “This targeted PPP support will make a huge difference to our small business communities and economy as we recover from COVID-19.” 

The Biden administration recently changed the loan calculation formula to make it easier for sole proprietors, independent contractors, and the self-employed to qualify for relief. They’ve also established that student loan debt and prior incarceration will no longer prevent small business owners from obtaining relief.

Bennett encourages businesses that employ 20 people or less to apply. He noted that the federal government has opened a special window where only the smallest businesses – which make up 98% of the small business community – can apply.

This special application window opened Feb. 24 and extends for two weeks.

More information about the PPP program, including how to apply, is available on the Small Business Administration’s website.

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