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Biden Announces Reforms to Paycheck Protection Program to Help Small Businesses

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Biden Announces Reforms to Paycheck Protection Program to Help Small Businesses


President Joe Biden on Monday promulgated changes to the federal program that’s aimed at availing diminutive businesses survive the COVID-19 pandemic. The Small Business Administration is establishing a 14-day period during which time only businesses and nonprofits with fewer than 20 employees can apply for loans from the Paycheck Protection Program (PPP). The period will commence on Feb. 24.

More sizably voluminous companies will be able to apply for loans after the period ends, up until the program expires on March 31. Biden’s administration will withal axe a restriction on giving loans to minuscule business owners who were aforetime convicted of felonies and owners who have been labeled delinquent for failure to pay off student loans.

Two other changes were promulgated: sole proprietors, independent contractors, and the self-employed can access higher loan amounts through a revision of the PPP’s funding formula, and non-denizens who are licit denizens can apply for loans by utilizing their Individual Taxpayer Identification “Number.”

Biden verbalized at the White House that approximately 400,000 minuscule businesses have shuttered during the pandemic, “and millions more are hanging by a thread.”

Walk down any Main Street and you optically discern it: empty storefronts, goodbye signs hanging in the windows. Maybe it’s the pizza place you used to take your family to dinner, or the hardware store that always had the implement you needed. It’s mom-and-pop shop that’s sponsored by—that is fortified by the community, and then, in turn, they fortify the community. They sponsor a Little League team; the barber shop with the first dollar bill that he or she earned is still taped to the wall, along with a picture of the kids who are now in college,

he said.

Biden described the “mom-and-pop” stores as the backbone of the business community, but asserted that owners of the shops were “muscled out of the way by more sizably voluminous companies” seeking loans from the federal regime.

I want to be pellucid: The Paycheck Protection Program is a bipartisan effort; Democrats and Republicans availed pass it. But Democrats and Republicans have additionally voiced concerns about ameliorating it. With their input, that’s what we’re doing in our administration: ameliorating it,

he said.

Congress integrated more than $284 billion to the PPP in December 2020 with its latest COVID-19 assuagement package, setting aside some $60 billion for businesses with 10 or fewer employees. The bill withal incremented maximum loan amounts and restricted second draws for companies that have 300 or fewer employees, with some exceptions.

The vicissitudes to the program promulgated Monday drew support from both sides of the aisle.

I’m blissful to visually perceive the Biden [administration] opening up PPP dollars/loans to minute businesses and others who perpetuate to be impacted so negatively by COVID. It’s possible to perpetuate this more calculated approach of avail/assistance, and not massive bills that have little bearing on COVID,

Rep. Rick Crawford (R-Ark.) said.

These changes ascertain our hardest-hit minute business owners can access PPP and don’t miss out on this critical funding, added Rep. Brenda Lawrence (D-Mich.).


Source: You can read the original Epoch Times article here.

This News Article is focused on these topics: AMERICA, CCP Virus, Executive Branch, Politics, US, Paycheck Protection Program, Biden

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