MILWAUKEE – A new round of PPP loans was launched this week and aims to reach more minority-owned businesses. The changes to the program will benefit businesses with very few or no employees, including sole proprietors and the self-employed.
Eric Ness, district manager of the Small Business Administration (SBA) of Wisconsin, said nationwide: “95% of black-owned businesses and 91% of Latino-owned businesses are sole proprietors. So that should help these companies. “
Ness says businesses will now be able to use gross income instead of net income, which should help small businesses qualify for loans.
In addition, from February 24 to March 9, the SBA will exclusively accept applications from companies with fewer than 20 employees.
Wenbin Yuan, vice president of…
News Highlights Business
- Headline: New round of PPP loans aims to reach minority-owned businesses
- Check all news and articles from the Business news updates.