A Biden Administration change to the Paycheck Protection Program aims to give small, minority and women-run businesses a better shot at securing funding. On Wednesday, the loan applications through the Paycheck Protection Program will open for business owners with 20 employees or fewer.
Mountain BizWorks executive director Matt Raker said this will open the process for businesses that are the lifeblood of Asheville, including sole proprietors, contractors and beauticians.
Mountain BizWorks processed 400 PPP applications in 2020. Since the start of 2021, it has helped nearly 500 businesses stay afloat by helping secure $13.5 million in federal funding.
Raker anticipates the Small Business Association will release new calculations Wednesday that will increase loan eligibility amounts for sole proprietors. He said the loan amount will be calculated by gross rather than net income, and could make a big difference.
"We encourage people, if they first saw PPP and said it was not for me, take another look," Raker said.