Home Health & Hospice Week

Industry Notes:

Check Out These PPP Loan Revisions

The Biden administration has adopted a new set of changes for the CARES Act Paycheck Protection Program loan program, mainly aimed at providing relief for smaller providers.

For example: Non-citizen small business owners who are lawful U.S. residents may use Individual Taxpayer Identification Numbers (ITINs) to apply for relief, according to a White House fact sheet issued Feb. 22. “The PPP statute is clear that all lawful U.S. residents may access the program, but a lack of guidance from the [Small Business Administration] has created inconsistency in access for ITIN holders like Green Card holders or those here on a visa,” the release explains. “The SBA will address this unfair inconsistency by issuing clear guidance in the coming days that otherwise eligible applicants cannot be denied access to the PPP because they use ITINs to pay their taxes.”

Another example: The SBA will “eliminate PPP access restrictions on small business owners who have struggled to make student loan payments by eliminating student loan debt delinquency as a disqualifier to participating in the PPP,” the agency says on its website.

See more details about the changes at www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program.

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