Yesterday, the Biden Administration announced rule changes to the Paycheck Protection Program (PPP) forgivable loan program to help small businesses better access loans. Alongside the rule changes is a two week special window where small businesses’ applications get priority. The application period starts Wednesday, February 24th.

In a nutshell: if you’re a one-person business, sole proprietor, self-employed, or an independent contractor, this is your best opportunity to get a PPP loan. All you need is your Schedule C from your 2019 or 2020 tax return and a financial institution (ideally your bank) to apply.

Special Application Period for Small Businesses

If your business has 20 or fewer employees, or if you are a sole proprietor, independent contractor, or self employed individual, you may be eligible for the special PPP application. The funding formula has been changed to allow small business owners easier access to more funding.

Whether or not you have already received a PPP loan, you can apply for this round. You must be able to show a loss of revenue of 25% or more in any quarter of 2020 from 2019.

Additional changes to the program include:

  • Elimination of restrictions due to outstanding student loan debt
  • Relaxed restrictions for business owners who have been convicted of a felony
  • Eligibility for non-citizen business owners
  • Taking steps to address racial disparities in who receives the loans

Where To Apply

Your best bet is to approach your bank if you already have a relationship with one. If you don’t already have a bank to work with, local organizations like Justine Peterson can help refer you to banks or other funding sources. Additionally, services such as Biz2Credit can help you apply and receive funding.

Carrollton Bank offers personal one-on-one service for small businesses who are applying for a PPP loan for the first time. They can also help if you have applied with another lender but haven’t received a response, or if you were denied a loan on a previous application. Contact Nikki Woelfel at 314-347-9671 or, or Suzanne Hough at 314-346-6310 or

How To Apply

We encourage you to apply as soon as possible—the application period opens on Wednesday, February 24th. When you apply, you will need to gather some information.

If you have employees

For small businesses with 20 or fewer employees, make sure to collect the following documents:

  • Business income tax returns
  • IRS forms 940 and 941
  • Entity formation documents
  • Payroll summaries

If you’re a sole proprietor, independent contractor, or self-employed

Businesses without employees will need these documents:

  • Income tax returns
  • Invoices, bank statements, or other records showing the business was active as of February 15th, 2020

Seeking Forgiveness

The PPP loans are forgivable in many cases. Otherwise, you may be eligible for an interest rate as low as 1% per year. Find out more about the PPP forgiveness program here. If your loan is for less than $150,000, you will need to file the fairly simple form 3508-S. Your lender should be able to help you navigate this process.

Support Dutchtown Businesses

The COVID-19 pandemic has hung over our heads for a year. Businesses everywhere are struggling. We hope that you are able to use this information to help keep your business running as we look towards brighter days.

Refer your fellow business owners to this page by telling them to visit And join your fellow neighborhood business owners in the Dutchtown Business Owners Facebook group to help each other with PPP loans and anything else that keeps our businesses open.