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The White House this week released its reforms to target PPP loans to underserved businesses. Beginning Wednesday morning, Feb. 24, and ending March 9, the U.S. Small Business Association will only accept Paycheck Protection Program (PPP) applications from businesses with fewer than 20 employees. The reforms to the program will also change PPP eligibility rules so sole proprietors, independent contractors and self-employed individuals receive more funds, and eliminate restrictions on business owners with non-fraud felony convictions and those delinquent on their federal student loans. 
Construction continues to benefit from PPP loans in 2021, obtaining 13 percent of all loans this year, receiving more than $16 billion: Paycheck Protection Program Report: Approvals through 02/15/2021 (sba.gov). Even with significant PPP funds remaining and Congress set to approve another $7 billion through the Democrat’s $1.9 trillion COVID relief plan that is expected to pass under budget reconciliation in March, the White House isn’t taking a position on whether the PPP should be extended beyond the March 31 deadline authorized by the bipartisan COVID relief deal in December.


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