Under the new formula, sole proprietors can get loans based instead on their income before expenses. That opens the program to unprofitable businesses and allows those that did report a profit to claim a bigger loan, up to a maximum of $20,833. But if he did that, the letter warned, he risked not getting any loan at all before the deadline. SmartBiz, she said, had also begun accepting applications based on the new Small Business Administration guidance. Biz2Credit, which has made more loans this year than any other lender, temporarily stopped accepting applications while it worked to adjust to the new rules.

Source: New York Times March 09, 2021 19:39 UTC