PHILADELPHIA--(BUSINESS WIRE)--In response to the Biden administration’s recent announcement that it is implementing changes to the Paycheck Protection Program (PPP) that could lead to increased loan amounts for sole proprietors and independent contractors, Liberty SBF is alerting potential customers that until the new rules go into effect, its current submission process and application will remain in place. Once the Small Business Administration (SBA) releases the specific interim final rule, or IFR, Liberty SBF – a national finance company specializing in serving the small business economy – will review the impact of these changes and adapt its procedures accordingly.
“We are excited about the possibility of new rules that will enhance PPP for sole proprietors and independent contractors and help them maintain their operations during these trying times,” said Alexander Cohen, CEO of Liberty SBF. “These businesses with fewer than 20 employees who want to apply in the two-week priority window may want to consider waiting for the changes to go into effect. However, the PPP program is currently scheduled to sunset on March 31 and the money is first come, first served until it depletes. For sole proprietors and independent contractors who prefer to act now, Liberty SBF remains committed to supporting them under the current guidelines and will be closely monitoring for new updates from the SBA.”
Liberty SBF, a non-bank lender whose mission is to provide capital at a low cost to SMBs and small business owners, has processed over 7,300 loans in the sum of more than $560 million since the first round of PPP lending in 2020. It has invested extensively in its PPP technology, building a secure, customized portal to process loan forgiveness for its current customers more easily. Additionally, Liberty SBF provides free access to SBApaycheck.com, a leading source of news and information about PPP, and an online application for small business borrowers to apply for the new round of PPP relief funding.
Sole proprietors and independent contractors looking to secure a PPP loan can visit www.SBApaycheck.com for more information.
About Liberty SBF
Liberty SBF is a mission-based lender that provides capital through the Small Business Administration’s (SBA) loan programs at a low cost to borrowers. Since its inception 10 years ago, the company has participated in more than $2 billion in transactions involving SBA programs.