PPP Loan Changes For Smaller Businesses

PPP Loan Changes For Smaller Businesses

The Small Business Administration announced changes to the PPP Loan
program to provide additional access to smaller businesses.

The changes made include

1 – A 14 day exclusive period where only businesses and non-profits with fewer than 20 employees can apply

2 – It allows non-citizens with ITIN’s, who are legally residing in the US, access to the loans

3 – It eliminates an SBA exclusion by allowing non-violent felons to access the loan

4 – It allows individuals who have not paid their student debts access to the loans

5 – It provides sole proprietors, the self-employed, and independent contractors to receive additional support be revising the funding formula

Let me leave you with this.

That’s right sports fans, you heard all of that correctly. They’ve shut down the PPP Loan program to everyone else and are now allowing non-violent felons who haven’t honored their student debts access to the money. They’re also changing the funding formula so that these people get more money than the rest of us.

I never thought I’d see the day that Americans who follow the rules and pay their bills timely are treated like second-class citizens. They’re actually rewarding those who break the law by giving them more than the rest of us.

What’s even more ridiculous is the fact that it won’t make much of a difference, if any at all.

In order to get a PPP Loan, you have to file income and payroll tax returns. Do you think that felons and people who don’t pay their debts actually file? Criminals don’t pay taxes. They certainly don’t want to file anything so that people where to find them.

The politicians keep talking about the fact that women and minorities aren’t getting their fair share of the PPP pie. I can’t think of any of my clients who are female or minority, who haven’t received their loans. Why? Because they have the payroll and income tax returns necessary to apply.

Go figure.

Before I start getting hate emails, accusing me of being a racist, please remember that I’m one-third Native and fifteen percent Black.

We’re all going to get through this. Let’s get through it together.

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. If there is anything you need, whether you are a current client or not, you have but to ask. I’m here and I remain,

Sincerely yours,

Chris Amundson
Accounting Solutions Ltd.


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