The Paycheck Protection Program (PPP) has reopened and extended the deadline for businesses to apply for loans to August 8. The SBA has also recently relaxed its criminal history barriers for PPP assistance.
Please note, there has been a change in the criminal history eligibility. More business owners with criminal records are now eligible to apply for this grant program.
A business will only be excluded if a 20% owner is:
Currently incarcerated
Facing felony charges
Within the last 5 years, has been convicted of or commenced parole/probation for any felony involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance
Within the last year, has been convicted of or commenced parole/probation for any other felony.
The New Regulation: https://www.sba.gov/document/policy-guidance-ppp-interim-final-rule-additional-eligibility-revisions-first-interim-final-rule
The New Application Form: https://home.treasury.gov/system/files/136/PPP-Borrower-Application-Form.pdf
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