Small Business Majority Urges the SBA to Reopen PPP for Self-Employed Businesses
Today, Small Business Majority submitted a letter calling on the Small Business Administration (SBA) to reopen the Paycheck Protection Program (PPP) for all self-employed individuals and sole proprietors who previously received PPP loan funds based on their net profits. PPP loans were originally calculated using net profits, which resulted in very low amounts after accounting for business deductions. While the Administration’s changes to the loan calculation based on gross income is a critical step forward, it does not benefit the businesses who already took out PPP loans under the previous rules. We urge the SBA to reopen PPP for all self-employed and sole proprietors who received loans under the previous loan calculations.