Joe Biden

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President Joe Biden will launch changes on Monday to the main US coronavirus aid program for small businesses to try to reach smaller, minority-owned firms and sole proprietors left behind in previous rounds of aid.

Biden administration officials said that for two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees, to ensure that they are not crowded out by larger firms.

The changes, to be formally announced by Biden on Monday, come as small business bankers say demand for Paycheck Protection loans is slowing as firms reopen.

When the PPP was launched in April 2020 at the height of coronavirus lockdowns under a $3 trillion relief bill, its initial $349 billion ran out in two weeks. Congress approved another $320 billion in May, but the program expired in August with about $130 billion in unused funds.

The program was re-launched on January 19 with $284 billion in new funds from a coronavirus aid bill passed at the end of December, and a Biden administration official said about $150 billion of PPP money is still available.

But Biden administration officials said there are still many …read more


Source:: Businessinsider – Politics

      

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