The Law Offices of Kameli & Associates is here to assist you as a small business owner who might have legal problems stemming from the Coronavirus outbreak (COVID-19). Our legal team will answer your questions about how to manage travel and sick leave plans for your employees, limit your liability, handle your commercial properties, and protect your personnel.
Last updated February 2021. Please stay tuned for changes in the law as this crisis continues to unfold.
According to the SBA Government website, On February 22, 2021, President Biden announced the following changes to SBA’s COVID-19 relief programs to ensure equity:
Specifically, on February 24, 2021, at 9:00 a.m. ET, SBA established a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. This gave lenders and community partners more time to work with the smallest businesses to submit their applications, while also ensuring that larger PPP-eligible businesses still had plenty of time to apply for and receive support before the program expires on May 31, 2021.
While these changes are being implemented, SBA is working with community partners to improve the emergency relief “digital front door” and conducting extensive stakeholder outreach. And, SBA is strengthening its relationships with lender partners to advance equity goals, deliver funding efficiently, and prevent fraud, waste, and abuse. SBA has:
A critical goal from Congress for the 2021 round of PPP was to reach small and low- and moderate-income (LMI) businesses who have not received the needed relief a forgivable PPP loan provides. Congress set a $15 billion set-aside for small and LMI First Draw borrowers. With existing policies, the current round has only deployed $2.4 billion to small LMI borrowers, in part because a disproportionate amount of funding in both wealthy and LMI areas is going to firms with more than 20 employees. The less than 20 exclusivity period combined with the changes to expand access for sole proprietors, ITINs, returning citizens, and student loan debt is helping us achieve congressional goals.
This information can be found on https://www.sba.gov/page/covid-19-guidance-resources
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