The SBA will address this unfair inconsistency by issuing clear guidance . § 120.110(q). Calculating your maximum PPP loan […], IMPORTANT UPDATE FOR 2021: Congress has approved an extension of the PPP loan program until May 31, 2021, including “second […], In this 2-minute read: The deadline for PPP loan applications HAS BEEN EXTENDED to MAY 31, 2021 Important updates have […], In this 4-minute read: Can insurance agents and franchise owners apply for PPP loans? New SBA PPP Guidance Prioritizes Businesses and Nonprofits with Fewer Than 20 Employees. Independent contractor 7. However, one important clarification has been made by the SBA and the Biden administration that was not included in the March 3, 2021 IFR: ! 1099s, independent contractors, and self-employed individuals can qualify for up to $41,666 in PPP stimulus funding. Womply has also seen lenders providing the PPP First Draw Loan Number as 10-digits (without a dash). On March 3, 2021, a new application was released, and a new Interim Final Rule was published detailing the new rules, application calculations, etc. The Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses get exclusive access. Contractors, gig workers, sole proprietors, and eligible self-employed individuals can qualify for up to $41,666 in forgivable PPP loans for 2021! . The new clarification will allow and encourage many struggling non-citizen owners to apply for vital stimulus funding under the PPP loan program. Partnership 3. If you did not apply for a second draw loan but have hold code(s) on your 2020 first draw application, your lender must resolve the hold code(s) during the forgiveness process. In addition to clarifying that ITIN applicants can’t be denied PPP acceptance on that basis, the new rules can have a dramatic impact on sole proprietors, self-employed individuals, independent contractors, and small businesses that file their taxes using Form 1040 Schedule C. These applicants previously were restricted to using their net profits (line 31 on the form) to calculate their maximum loan amounts, and many people were unable to qualify for PPP stimulus loans. First, SBA intends to increase the maximum PPP loan amount available to sole proprietors, independent contractors, and self-employed persons by implementing a modified loan calculation for these small entities. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Email. Prior to private practice, Daniel was an attorney for the U.S. Small Business Administration focused on federal regulations, government contracts, and SBA programs. Before you decide to act on any information provided in this post, please seek professional advice. The ITIN is a tax processing number only available for certain nonresident and resident aliens, their spouses, and dependents. 31(b)(2)(C) of Small Business Act) 11. This post does not constitute legal advice or the creation of an attorney-client relationship with the Law Office of Daniel T. Kane, PLLC or any attorney or individual mentioned in this post. If you began a PPP request through SBA.com®, you can reach out to your assigned lender or our referral partner (855-853-6346 or customerservice@lendio.com) … PPP Fast Lane makes it simple and easy to submit your free PPP application. Earlier this year, SBA kicked off the latest round of PPP funding with a similar “priority” window for underserved communities when implementing the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (“Economic Aid Act”). SBA is currently offering PPP … What are the PPP loan eligibility […]. ©2021 Law Office of Daniel T. Kane, PLLC. The SBA said it continues to optimize validations concerning duplicate loans and Dun & Bradstreet number (DUNS) validations in the coming days. On Monday, February 22, President Biden announced the following changes to SBA's coronavirus relief programs to ensure equity: Specifically, on Wednesday, February 24, 2021 at 9 am ET, SBA will establish a 14-day, exclusive PPP loan application period for businesses … Role of DNP in SBA’s Initial COVID-19 PPP Response Querying PPP borrower identifiers to data maintained in the DNP portal can identify potentially ineligible loan applicants. suspected PPP fraud. Visit the SBA website for more details. receive SBA Numbers for approved PPP Loans in the Platform. What can personal trainers, fitness instructors, dietitians, weight loss counselors, […], In this 8-minute read: Can farmers, ranchers, and other agricultural producers get the PPP loan? You can also see the number in … Why is this SBA clarification for ITIN applicants important? eight numbers followed by a dash and then two more numbers). 501(c)(19) veterans organization 10. In its press release announcing these changes, SBA acknowledged its previous difficulty ensuring that PPP funding and other COVID-19 disaster relief reached women-owned, minority-owned, low- and middle-income, rural, and other underserved communities. Here are the highlights for the Second Draw PPP based on the information we have at this time: Maximum loan amount will be $2,000,000 (reduced from $10,000,000) Maximum number of employees will be 300 (reduced from 500) Loan amount calculations will remain the same at 2.5x the monthly average payroll except: The same borrower applies for a 2 nd Draw PPP loan during 2021 but is now required to use the businesses Employer Identification Number when applying for the loan. The E-Tran portal allows eligible lenders to electronically submit, modify, or cancel SBA loan applications. § 636(m)(36)(A)(viii)(I)(bb). • Lenders upload any supporting documents for ... • Tax Identification Number 3. Second, SBA desires to eliminate certain eligibility restrictions preventing applicants with non-fraud felonies from accessing PPP loans. Why is this SBA clarification for ITIN applicants important? 19 Quaker Hill RoadMilton, New York 12547. This list is made available for use by Lenders/CDCs in evaluating the eligibility of a small business that operates under an agreement. Engage more customers with a pre-built, one page website. announcing important changes to the PPP loan program intended to provide more meaningful assistance to America’s smallest businesses and underserved communities struggling with the impact of the COVID-19 pandemic. The U.S. House of Representatives’ COVID-19 stimulus package contemplates an additional $7.25 billion in PPP funding, but the package does not presently include an extension of the program past March 31, 2021. While SBA may choose to act unilaterally by regulation, SBA suggests it may make the change based on congressional approval of pending legislation. My business does not have multiple employees and/or I work for myself (e.g., Uber drivers, DoorDash couriers, independent contractors). Posted on April 15, 2020. SBA OIG provided PPP loan data to Treasury’s DNP team that used SBA business rules for PPP eligibility to analyze the data. This two-week pause on all other PPP applications will begin on February 24, 2021 and end on March 10, 2021. If you have an unresolved issue on your first draw PPP loan, move quickly to identify the additional documents requested and supply them to your lender. • SBA GP Number: The 10 digit numerical SBA assigned loan identification number. Previously there was some confusion about whether non-citizens could apply for and qualify for PPP loans, particularly if they used ITINs to apply. February 23, 2021 On Feb. 22, ... ensure that non-citizen small business owners who are lawful U.S. residents can access PPP with an Individual Taxpayer Identification Number (ITIN). FederalPay.org has created a powerful search tool that allows public access to the PPP loan database. EIN (Employer Identification Number) Verification PPP First Draw SBA Loan number – you will need this for the application. 501(c)(3) nonprofit 9. The SBA Procedural Notice provides that the SBA may also require additional risk mitigation measures as a condition of its approval of any transaction if the SBA deems appropriate. What is an ITIN (Individual Taxpayer Identification Number)? The bottom line is, if you want your PPP loan money, your loan needs to be assigned an E-Tran number first. Daniel T. Kane is the founder and principal attorney of the Law Office of Daniel T. Kane, PLLC, a boutique law firm providing startups and small businesses with legal counsel on intellectual property, government contracts, SBA lending, and more. C-Corp 4. Your lender should notify you once you are assigned a PLP number. If I get the […], In this 8-minute read: Who qualifies for the PPP loan? SBA may choose to grant a blanket regulatory waiver to certain individuals with unpaid federal student debts, similar to the blanket eligibility and affiliation waivers granted by SBA to religious institutions in April 2020, see 13 C.F.R. The SBA PPP loan number is labeled "SBA Loan #" and is in the top left side of your account home page (see image below for guidance). In short, your loan needs to be assigned an E-Tran number before you can get your PPP money. Third, SBA plans to alleviate eligibility restrictions based on student debt delinquency and default. We may also ask to see your driver’s license or other identifying documents. SBA On PPP Numbers: One Million Loans, $247B (So Far) By PYMNTS. You can read about all of the PPP rule changes here, see the new IFR here, and see the new PPP application forms here. According to the White House briefing, “The PPP statute is clear that all lawful U.S. residents may access the program, but a lack of guidance from the SBA has created inconsistency in access for ITIN holders like Green Card holders or those here on a visa. As reported in earlier PPP rounds, many businesses in underserved communities lacked information and adequate access to SBA lenders to secure PPP and other disaster assistance. Body. • Organization Admins view institution’s total PPP portfolio for reporting. According to the SBA, PPP First Draw Loan Numbers have the following format to help borrowers identify the SBA loan number of their first PPP loan: XXXXXXXX-XX (i.e. Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP. § 120.110(n). LLC 6. These “non-employer” small businesses often encounter issues in applying for PPP loans due to nuances in owner compensation, draws, dividends, and other quasi-payroll vehicles. As stated above, the Law Office of Daniel T. Kane, PLLC is happy to help and can be reached here to request a consultation. Prior results do not guarantee a similar outcome. Tweet. Forthcoming Changes to Broaden Access and Increase Funding. Currently, for example, the SBA-issued First Draw PPP Loan application requires an Employer Identification Number (“EIN”) or a Social Security Number (“SSN”) to apply. You can reach Daniel at daniel@kaneesq.com or directly request a consultation here. ITIN applicants who use Form 1040 Schedule C have even more reason to apply for PPP loans ASAP. Start your free PPP application now! Although “self-employed” means a lot of different things to different people, the SBA is going to ask you to identify your business entity with one of the following: 1. Womply has helped over 200,000 businesses, contractors, gig workers, sole proprietors, and self-employed individuals get their PPP loans. However, one important clarification has been made by the SBA and the Biden administration that was not included in the March 3, 2021 IFR: Non-citizen business owners, independent contractors, self-employed individuals, and sole proprietors who are lawful U.S. residents and pay taxes using an Individual Taxpayer Identification Number (ITIN) may apply for PPP loans. More Posts. SBA Pauses PPP to Focus on Businesses in Underserved Communities. In addition to loosened eligibility requirements and increased proceeds, SBA will temporarily restrict new PPP applications to those from businesses and nonprofits with fewer than 20 employees. Know all your customers and target the right ones, every time. SBA’s existing affiliation exclusions apply to the PPP, including, for example the exclusions under 13 CFR 121.103(b)(2). An ITIN or Individual Taxpayer Identification Number is a 9-digit number assigned to non-U.S. citizens who are lawful residents who cannot get a Social Security Number (SSN) and who pay U.S. taxes. A PPP loan applicant may use an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number on the PPP loan application form and to apply for loan forgiveness. . You can read about all of the. With the latest round of PPP set to expire on March 31, 2021, there is little time left for a cascaded reopening after March 10, 2021. Currently, for example, the SBA-issued First Draw PPP Loan application requires an Employer Identification Number (“EIN”) or a Social Security Number (“SSN”) to apply. An Individual Taxpayer Identification Number is a 9-digit number, beginning with the number “9.” in the following format: 9XX-XX-XXXX. 13 C.F.R. According to SBA regulations, “[b]usinesses with an [owner or director] who is incarcerated, on probation, on parole, or has been indicted for a felony or a crime of moral turpitude” are generally ineligible for SBA business loans, including PPP loans. Share. SBA PPP. Evidence of operating agreements that demonstrate the business is not operating as a franchise 15 Potential Ineligible Business Size - Based on information entered in ETRAN - Potential Ineligible Business Size for First Draw PPP Loan - Number of Employees > 500 – Potential eligibility issue See your revenue performance and know where you stand against competitors. Tribal business (sec. The application will start off asking about your business entity. These subsequent changes, if timely, will create a priority period for qualifying businesses with fewer than 20 employees, including non-employer small businesses, that were previously excluded from PPP because of payroll calculations, eligibility restrictions, or procedural inequity. The SBA has made clear that businesses with 500 or fewer employees can apply for PPP funds, with certain exceptions. Sole proprietorship 2. For all COVID-19 disaster assistance information, please refer to the Disaster Assistance section above. However, the new rules allow for these people to choose to use their GROSS INCOME (line 7), rather than net, to determine how much PPP funding they may qualify for. On March 3, 2021, a new application was released, and a new Interim Final Rule was published detailing the new rules, application calculations, etc. SBA eventually reopened the program to all potential borrowers for First Draw and Second Draw PPP loans on January 19, 2021. Put your PPP application in the Fast Lane, In this 7-minute read: What types of cruise ship workers are eligible for the PPP loan? Question # 64 of the revised IFR reads as follows: Q 64. SMLLC (single member LLC) Applied on 4/15, kept getting asked for documents had to put up a note in the portal letting them know as a SMLLC I don't have a 940/941. The fast, secure way to accept and request payments. SBA may enact this change unilaterally through regulation by broadly reinterpreting “payroll costs” for these non-employer small businesses to encompass other forms of compensation and/or income. Small business guides, offers and more in your inbox. Read and reply to customer reviews across Google, Facebook, and Yelp, in one place. If less than 10 digits are reported, the disbursement information cannot be processed. S-Corp 5. § 120.110(k). Use your credit card to pay any business, even where cards are not accepted. Eligible self-employed individual 8. Under the interim rules, if you received your PLP number on or before April 28, 2020, your lender has 10 calendar days from April 28, 2020 to … SBA reopened the PPP loan portal on January 11, 2021 exclusively for community financial institutions in an attempt to help those in underserved communities secure First Draw PPP Loans. An Individual Taxpayer Identification Number is a 9-digit number, beginning with the number “9.” in the following format: 9XX-XX-XXXX. See 15 U.S.C. Each borrower receives a unique PLP number from the U.S. Small Business Administration. • Lenders monitor post-origination and servicing ... • Tax Identification Number 3. 13 C.F.R. Title. Share. Get up to $41,666 in forgivable PPP loans! a. SBA Franchise Identifier Code b. That was on the 22nd, and I received an email letting them me know they were submitting my case to the SBA 4/27. New PPP guidance clarifies that applicants who use ITINs to pay their taxes cannot be denied on that basis. For example, a Sole Proprietor may have applied for a 1 st Draw PPP loan during 2020 with the Social Security Number. Businesses that are owned by an individual who is delinquent or in default on a Federal loan, including Federal student loans, is ineligible for SBA business loans, unless SBA grants a waiver. Contact SBA’s Answer Desk by email to answerdesk@sba.gov or call 800-827-5722 Monday through Friday, between 9 a.m. and 6 p.m. EST, or speak with an American Sign Language (ASL) interpreter via videophone at 855-440-4960. that otherwise eligible applicants cannot be denied access to the PPP because they use ITINs to pay their taxes.”. On February 22, 2021, the U.S. Small Business Administration (“SBA”) announced several changes to the Paycheck Protection Program to bolster its support for businesses in underserved communities. The SBA added functionality within the E-Tran system to support lenders self-correcting social security numbers and employee identification numbers used during the processing of PPP loans last year. ALL RIGHTS RESERVED. Womply has helped over 200,000 businesses, contractors, gig workers, sole proprietors, and self-employed individuals get their PPP loans. Share. disclosure of whether the buyer has an existing PPP loan (and if so, the SBA loan number); and; a list of all owners of 20% or more of the purchasing entity. We built Fast Lane for, Simple, five minute data collection process, Guides you through every step along the way, Automated first and second draw loan applications. Fourth, SBA intends to expand access for non-citizen-owned businesses by permitting lawful U.S. residents to use an Individual Taxpayer Identification Number (“ITIN”) in applying for a PPP loan. Read more about the new Schedule C PPP changes and the new calculations. All SBA loans used to be submitted via paper applications, which was a logistical nightmare as you can imagine. PPP Fast Lane makes it simple and easy to submit your free PPP application. On February 22, 2021, the Biden administration released a briefing announcing important changes to the PPP loan program intended to provide more meaningful assistance to America’s smallest businesses and underserved communities struggling with the impact of the COVID-19 pandemic. Content of the page. Back to top The affiliation rule based on ownership states the SBA will deem a minority shareholder in a business to control the business if the shareholder has the right to prevent a quorum or otherwise block action by the board of directors or shareholders. We built Fast Lane for you. Create User Accounts Submit PPP Forgiveness Decisions Monitor PPP Forgiveness Decisions • Lenders submit Decisions via the Platform. The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. On March 3, 2021, the SBA issued a revised Interim Final Rule (IFR) permitting self-employed with an ITIN to apply for PPP loans. PPP Fast Lane simplifies the application process! Barring a cascaded reopening similar to that in January 2021, potential PPP borrowers will have only three weeks left to secure First Draw and Second Draw PPP loans following SBA’s PPP pause in favor of underserved communities. On February 22, 2021, the Biden administration. Send discount, promotional, and transactional emails, automatically. If you do not have this loan number, you must contact the lending institution who provided your First Draw PPP Loan. The 14-day exclusivity period will start on Wednesday, February 24, 2021 at 9 a.m., while the other four changes will be implemented by the first week of March. Enter a distribution list email. This can mean the difference between qualifying and not qualifying for a PPP loan in many cases. Borrowers may be eligible for PPP loan forgiveness. In addition to the pause, SBA will implement four additional changes no later than the first week of March to broaden access, increase funding, and bolster PPP’s impact in underserved communities and on the smallest businesses. Attorney Advertising. Previously there was some confusion about whether non-citizens could apply for and qualify for PPP loans, particularly if they used ITINs to apply. The GP number is the key to identifying Paycheck Protection Program (PPP) loans on the SBA’s and the FTA’s databases. The number of employees for a business is generally determined by the average number of people employed for each pay period over the business’s latest 12 calendar months. . If you have questions on applying for a First Draw or Second Draw PPP Loan, or need assistance in determining your eligibility or fighting a PPP loan application rejection, please reach out. 4. This means that when you open an account, we will ask for your name, address, date of birth and social security or tax identification number as well as other information that will allow us to identify you. E-Tran, sometimes called Etran or etran, is the U.S. Small Business Administration’s loan servicing portal, through which eligible lenders can electronically submit and modify SBA loans. According to SBA, these four additional changes should be implemented no later than the first week of March, coinciding with the second week of SBA’s pause in favor of businesses with fewer than 20 employees. Other The majority of loans being processed in th… Under open government transparency guidelines, information on recipients of the $679B in forgivable government loans issued through the 2020 Paycheck Protection Program by the US Small Business Administration (SBA) are a matter of public record. SBA provided a similar priority window to approximately 5,000 community banks, credit unions, and farm credit institutions on January 15, 2021 to bolster access for underserved communities reliant on these smaller banking institutions. Says I should receive the funds 1-2 days after I sign the PPP documents. Fourth, SBA intends to expand access for non-citizen-owned businesses by permitting lawful U.S. residents to use an Individual Taxpayer Identification Number (“ITIN”) in applying for a PPP loan. Many non-citizen-owned small businesses, inherently, do not have an SSN and rely on an ITIN instead for federal tax purposes. Contractors, gig workers, sole proprietors, and eligible self-employed individuals can qualify for up to $41,666 in forgivable PPP loans for 2021! Share. SBA Webinar Series: PPP Updates for Your Small Business. SBA PPP. During this period, these entities will have an exclusive opportunity to secure First Draw and Second Draw PPP Loans, regardless of their lender. SBA’s latest pause in PPP grants priority to those businesses and not-for-profits with fewer than 20 employees. In one place Lenders to electronically submit, modify, or cancel SBA loan applications grants... A PPP loan have this loan number – you will need this for the application start... For PPP loans upload any supporting documents for... • Tax Identification number ) Verification PPP Draw. Loans ASAP than 20 employees for approved PPP loans, particularly if they used ITINs to apply vital! Many struggling non-citizen owners to apply for and qualify for PPP funds, with certain exceptions before... 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