President Biden to Provide Equitable Relief to Small Businesses
The Biden administration announced today plans to reform their paycheck protection program in order to better assist small businesses impacted by the pandemic.
The White House released a statement confirming their new PPP program, which went into effect a month ago, will build upon last year’s plan. They increased funding to businesses with fewer than 10 employees by 60%, and rural businesses by 30%. Among the new changes to their PPP plan, they will focus on those that had difficulty obtaining forgivable loans, as well as minority-owned businesses. The administration also announced a 14-day period beginning this Wednesday that will allow businesses with fewer than 20 employees and self employed individuals a chance to sign up for loan support. The Biden team also intends to set aside $1 billion dollars to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.