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The Small Business Association is kicking off a 14-day Paycheck Protection Program loan application period exclusively for businesses and nonprofits with fewer than 20 employees, President Joe Biden announced Feb. 22.
âThese small businesses â not the ones with 500 employees, but these small businesses with a handful of folks â they are 90 percent of the businesses in America,â Biden said. âBut when the Paycheck Protection Program was passed, a lot of these mom-and-pop businesses got muscled out of the way by bigger companies who jumped in front of the line.
Biden said a slew of changes to the PPP will âmake sure we look out for the mom-and-pop businesses even more than we already have.âÂ
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The Paycheck Protection Program is now more accessible but it’s still flawed
The latest changes to the Paycheck Protection Program, briefly explained.
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The Paycheck Protection Program a forgivable loan effort designed to help small businesses cover costs during the Covid-19 pandemic is now more accessible than ever, though it still doesn’t meet the needs of many firms.
The White House announced a new set of changes on Monday that aim to prioritize the smallest businesses and to bolster support for Black and Latino business owners who were left behind in the earlier waves of the program. These tweaks attempt to make the program’s loans more useful for people who are self-employed, and to clarify how noncitizens can apply. They also try to clear the queue for very small businesses by forcing banks and other lenders to only process applications from businesses with fewer than 20 employees, for a two-week perio