Congressman Doug LaMalfa issued the following statement after the Small Business Administration released updated Paycheck Protection Act information including a new 14-day application window geared towards sole proprietors and businesses under 20 employees. This 14-day window opens today.
“The PPP program has successfully helped keep thousands of California small businesses open, workers paid, and families afloat during the pandemic, and it is a textbook example of what can be achieved through a bipartisan approach to COVID aid,” LaMalfa said. “Fortunately for small businesses still needing relief, PPP loans are still available and are even forgivable under most circumstances. I encourage eligible small businesses needing assistance to take advantage of this program.”
Businesses interested in applying for PPP loans or learning more about eligibility can find more information from the SBA or by contacting LaMalfa’s office.
New formulas for calculating loan amounts for sole proprietors will be based on gross revenue and will help with higher loan amounts being available. In California, 202,264 individual PPP loans for $18,192,309,838 have been approved through Feb. 21, 2021.