The Biden-Harris Administration has increased lending to small businesses in need and announced changes to PPP to further promote equitable access to relief.

Our thanks to the Women's Business Development Center for releasing this summary of changes to the program.  From their newsletter, these are the facts you need to know:

 
1. Priority Window for Business Owners with Less than 20 Employees

• The Biden Administration has opened up a two-week period starting today, Wednesday, Feb 24^th for businesses with less than 20 employees to have exclusive access to the application portal.
• 98% of all small businesses have 20 or fewer employees and this open period is potentially a lifeline for businesses who remain vulnerable. 

2. Better Serve Self-Employed/Sole Proprietors

• Going forward, self-employed individuals will use gross income to calculate the PPP loan amount.
• $1 billion has been set-aside for self-employed/ sole proprietors located in low- and moderate-income (LMI) areas.  

3. Support for Second Chance Small Business Owners

• Some small business owners with prior criminal records can now apply for PPP funding.
• This will open funding to business owners who have turned their lives around, started a small business, created jobs, and contributed to their communities. 

4. Exempt Defaults on Student Loans

• Business owners who are behind on their federal student loan payments will now be eligible for PPP loan forgiveness.
• Initially, business owners who were delinquent on federal student loans could access PPP funds, but could not receive the loan forgiveness, meaning they had to pay it all back. 

5. Clarification for Small Business Owners with Visas or Green Cards

• The Biden Administration has clarified that residents who do not yet have a Social Security Number or Employer Identification Number can apply for PPP funding using their Individual Taxpayer Identification Numbers (ITINs).
• This new modification prohibits lenders from denying PPP funding to business owners who use ITINs to pay their taxes. 

Please click here to learn more about these modifications to the Payroll Protection Program (PPP).

Click here to learn more about the Women's Business Development Center.

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What is the Women's Business Development Center?

Founded in 1986 to provide programs and services to support and accelerate women's business ownership and strengthen the impact of women on the economy, the Women’s Business Development Center (WBDC) is a 501(c)(3) nationally recognized leader in the field of economic development. 

Headquartered in Chicago, with an office in Aurora, the WBDC serves a nine-state Midwest region.   The mission is to support and accelerate business development and growth, targeting women and serving all diverse business owners, in order to strengthen their participation in, and impact on, the economy.  All business owners may apply for their services. 

The Village of Hanover Park has a strong relationship with the WBDC.  Aisha McBurrows, Director of the Aurora center and Minerva Calatayud, Associate Director of Entrepreneurial Services in Aurora serve on the Village of Hanover Park Economic Development Committee.  Terrie Simmons of the WBDC has moderated our Fall Small Business Forum for the past two years.

Click here to learn more about the Women's Business Development Center Aurora, or contact contact Minerva at mcalatayud@wbdc.org, or (312) 853-3477, x 270.