SBA to limit PPP applications 

• The restricted access starts on Wednesday and limits loan applications to businesses with less than 20 employees.
• The U.S. Small Business Administration, which oversees the lending program, also said yesterday it is setting aside $1 billion for sole proprietors, independent contractors and the self-employed in low-to-moderate-income communities, among other tweaks.
• The moves do not affect loans submitted for larger employers before Wednesday.

• “While reported data illustrates we have made real strides in ensuring these funds are reaching underserved communities, we believe we can still do better,” SBA senior adviser Michael Roth said in a statement. “The important policy changes we are announcing further ensure inclusivity and integrity by increasing access and much-needed aid to Main Street businesses that anchor our neighborhoods and help families build wealth.”  

• The agency also said it will start accepting applications  for PPP loans from people who default or are delinquent on student loans.
• Loans also will be made available to noncitizens who are lawful U.S. residents as long as they have a taxpayer identification number.
• The exclusive window opens tomorrow at 9 a.m. The other changes will take effect in March.

• As of Sunday, the SBA had approved more than 1.9 million loans totaling more than $140 billion, according to the agency's most recent weekly report.
• Less than a third of the loans, nearly 592,000, are for first-time borrowers. The rest are to employers that borrowed money under the program last summer.
• The dollar amounts are more lopsided, reflecting the smaller businesses that are taking out PPP loans for the first time. They have borrowed $12.8 billion since January, compared to $127.8 billion for second-timers.
• Pennsylvania employers have taken out 60,485 Paycheck Protections loans since January totaling nearly $5.6 billion.

Quick takes

• Discerning Eye Community Agriculture, a nonprofit focused on urban farming and gardening.
• Eden Environments, an interior design and consulting firm that brings an environmentally friendly approach to workplace design.
• Fit City Women, a virtual community for women's fitness and wellness.
• FundoBooks, which has developed a cloud-based library management system for community libraries.
• GeoBees, which sources honey from a localized network of beekeepers.
• Grass + Roots, a woodcraft and recycling shop that aims to train and employ at-risk women.
• Lancaster Vegan Cheese Co., which is exactly what the name implies. The cheese comes from local sources.
• Shine Girl Co., a spa that teaches young people the art of self-care and personal wellness.
• The Starlight Saloon, a proposed LGBTQ+ bar and event venue in Lancaster that also will incorporate transitional housing for low-income LGBTQ people. It is slated to open this fall but the location is not yet being disclosed.
• Vona, which focuses on marketing Mozambican arts and crafts and reinvesting profits into the artists and their communities.

• The landfill gas is a byproduct of decomposing materials and will be processed and conditioned to meet UGI requirements.
• The project is expected to come online in September.
• Terms of the deal were not disclosed.

• The work from Burlan is being transferred to Emigsville, according to Herculite spokesperson Matt Brommer, who added that the move could lead to hiring. He declined to disclose the current number of workers at Herculite.
• Herculite makes fabrics for health care, military and other uses, as well as for tents and awnings.

• People's brings roughly 400 branches and $63 billion in assets to the mix.
• The deal, which is subject to regulatory approval, is expected close in the fourth quarter of 2021.

• Perrotty's last job in banking was as executive vice president and head of global operations for First Union, which merged with Wachovia before being swallowed by Wells Fargo.
• After leaving banking, she worked as chief of staff to Pennsylvania first lady Judge Marjorie Rendell.
• Credit agencies have described Tower's financial situation as weak due to the Covid-19 pandemic and challenges stemming from its 2017 takeover of five hospitals from the former Community Health Systems.