WASHINGTON, D.C. — The federal government is making changes to the Paycheck Protection Program (PPP) that broaden eligibility for business owners who previously have been convicted of certain felony crimes.
The U.S. Small Business Administration is revising its eligibility guidelines regarding "those with felony histories," the agency said. "The look-back period has been reduced from 5 years to 1 year to determine eligibility for applications, or owners of applicants."
The change covers people who committed non-financial felonies.
The new standards apply to those who have been convicted, pleaded guilty or pleaded no contest. People on probation or parole also are covered, the agency said.
These new eligibility rules do not apply to those with financial-related felonies as the look-back period remains five years. This includes people convicted of crimes including bribery, embezzlement, fraud and making a false statement on application for a loan or an application for federal financial assistance.