$310 billion was added to the Paycheck Protection Program, which provides forgivable loans for businesses with less than 500 employees, including freelancers.$60 billion is set aside for small lenders and community development banks with the intention of funding traditionally underserved communities, including those of color.The program was weighted in favor of big business, and freelancers had extreme difficulties accessing funds the first time around.It’s not yet known when funds will become available, but they will likely run out quickly. Get your paperwork started now to file with one of these SBA-approved lenders – some are accepting applications now.
This morning, the president is expected to signed another major piece of stimulus legislation in response to the ongoing coronavirus crisis. Critically, this new package includes an additional $310 billion for the Paycheck Protection Program, which ran out of money just four days after it began accepting freelancers’ applications.
Freelancers Union determined the first phase of the PPP was biased against sole proprietors and independent workers, who were required to wait a week to file after the fund opened to multi-employee businesses. In that time, a number of large, publicly traded companies exploited loopholes to take on PPP loans, withdrawing hundreds of