Gulfshore Insurance > Gulfshore Blog > Business Continuity > Changes to PPP Help Small Businesses

Commercial Lines Changes to PPP Help Small BusinessesThe Paycheck Protection Program (PPP) was created in 2020 to provide financial assistance to businesses affected by the pandemic. The loans do not have to be paid back if a business complies with the program’s rules.

Several recent changes to the PPP loan program are intended to help small businesses qualify for these loans:

  1. PPP applications limited to small businesses and sole proprietors for two weeks. From February 24th to March 9th, banks may only accept and process PPP loan applications from businesses with 20 or fewer employees. This change is intended to allow lenders to focus on smaller businesses needing a loan. If your business did not receive a PPP loan in 2020, you can apply for your first PPP loan now.  If your business did receive a PPP loan last year, you can apply for a second PPP loan, but you must show that your business had a 25% reduction in gross receipts from 2019 to 2020. Contact your bank to apply for a PPP loan –most banks are requiring that you have a business account already established with them before they will work with you on a PPP loan.  To find a lender in your area, you can use the Small Business Administration’s tool to find lenders in your area by clicking here.
  2. New loan formula for a sole proprietor/self-employed/independent contractor. The amount these businesses were eligible for previously was based on their annual profit, which severely limited the amount of their loan.  But the new criteria will focus on gross income before expenses are deducted to help increase the amount of the loan these businesses are eligible to receive.
  3. Expanded eligibility to apply for a loan. Non-citizen business owners who are lawful U.S. residents may now apply for a PPP loan using their Individual Tax Identification Number (ITIN). Also, business owners with felony convictions and delinquent federal student loans may apply. Businesses with more than 20 employees will be able to resume applying for a PPP loan after March 10th until the PPP loan program ends on March 31st.

Click here for more information. We will continue to share information as it becomes available and keep you informed.


Ryan Schmidt is a Client Advisor and Partner with Gulfshore Insurance. Ryan specializes in working with commercial clients. Comments and questions are welcome at

Gulfshore Insurance is a Naples, Florida based insurance agency specializing in business insurance including liability insurance, property insurance, workers compensation insurance, vehicle insurance, business income interruption insurance, cyber insurance, commercial umbrella insurance, and more. Our insurance and risk management advisors are industry specialists for condominium associations, golf and country clubs, oil and petroleum marketers, construction, landscaping, churches and non-profits, and work comp. Navigating insurance requires an experienced and trusted insurance agent who understands your business risks and exposures. Gulfshore Insurance services Naples, North Naples, Marco Island, Bonita Springs, Fort Myers, Sarasota, Lido Beach, Longboat Key, Bradenton Beach, and Southwest Florida. We have office locations in Naples, Fort Myers, Fort Lauderdale, and Sarasota.