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Biden administration announces changes to expand access to small business loan program

Added 02-22-21 09:22:02am EST - “President Biden on Monday is announcing several changes to a popular small business loan program that will make it easier for smaller businesses, non-U.S. citizens, and people with certain felony convictions to get access to capital.” - Washingtontimes.com

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Posted By TheNewsCommenter: From Washingtontimes.com: “Biden administration announces changes to expand access to small business loan program”. Below is an excerpt from the article.

President Biden on Monday is announcing several changes to a popular small business loan program that will make it easier for smaller businesses, non-U.S. citizens, and people with certain felony convictions to get access to capital.

The Paycheck Protection Program (PPP) opened up again last month after Congress authorized another $284 billion for it in the round of coronavirus relief that passed in December.

In an effort to target the money to smaller businesses, the Biden administration is imposing a 14-day period starting on Wednesday where only businesses with fewer than 20 employees can apply for loans.

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Under the terms of the program, the loans can be forgiven as long as the companies use a certain amount of money to make payroll.

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