Houlahan Highlights Help for Smallest Businesses

Blogger's Note: The following was submitted by the office of U.S. Rep. Chrissy Houlahan, D-6th Dist.

U.S. Rep Chrissy Houlahan, D-6th Dist.

Representative Chrissy Houlahan Wednesday began highlighting the start of a 14-day exclusive window for Paycheck Protection Program applications from small businesses with fewer than 20 employees. 

This comes after Representative Houlahan has repeatedly advocated for the smallest of small businesses. She has hosted numerous small business telephone town halls during this pandemic and has taken the feedback from owners and employees back to Congress in order to more effectively legislate and meet the needs of our struggling businessowners and workers.

“I’ve been working with our small businesses since the start of this pandemic, particularly those small firms on ‘Main Streets’ across our community,” said Houlahan. 

“What is clear is that we need to ensure the Paycheck Protection Program is supporting these smallest of small businesses – these are childcare facilities, mom-and-pop shops, community health organizations and more. I’m proud that my efforts with Congressional Leadership and the Biden Administration have resulted in this 14-day window for these sorts of small firms to have direct access to PPP forgivable loans," she said in a release from her office. 

"I ran small businesses in our community, and I know how hard that is during normal times. Those challenges have been dramatically exacerbated during this pandemic, and I intend to do everything in my power to keep as many businesses open and as many workers on the payroll as possible,” Houlahan said.

The Biden-Harris Administration has announced the following:

• Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees;
• Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP’s funding formula for these categories of applicants;
• Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal;
• Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; 
• 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.

More information on the program and the window can be found here.

The 14-day exclusivity period started on Wednesday, while the other four changes will be implemented by the first week of March.