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Biden Changes Paycheck Protection Rules for Small Businesses
President Biden announced on Monday several changes to the Paycheck Protection Program loan rules, including a 14-day freeze on loans to companies with 20 or more employees.
Since the beginning of this pandemic, 400,000 small businesses have closed — 400,000 — and millions more are hanging by a thread. It’s hurting Black, Latino and Asian-American communities the hardest. But 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. On Wednesday, the Small Business Administration is going to establish a 14-day exclusive P.P.P. loan application period for businesses and nonprofits with fewer than 20 employees. Small Business Administration will also remove barriers that have stopped many businesses from being able to apply for these loans. For example, we’re making it so that a student loan default or a non-fraud related criminal record does not prohibit someone from applying for the program. We’re also making it easier for those one-person businesses like the home repair contractors, beauticians, small independent retailers, to secure forgiveable P.P.P. loans. Getting our economy back means bringing our small businesses back. And that’s what we’re going to do.
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