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Biden Announces Reforms to Paycheck Protection Program to Help Small Businesses

February 22, 2021

President Joe Biden on Feb. 22 announced changes to the federal program that’s aimed to help small businesses survive the COVID-19 pandemic. The Small Business Administration will establish 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 start Feb. 24. Larger companies will be able to apply for loans after the period ends, up until the program expires on March 31. Biden’s administration will also remove a restriction on giving loans to small-business owners who were previously convicted of felonies and owners who have been labeled delinquent for failure to pay off student loans. Two other changes were announced; sole proprietors, independent contractors, and the self-employed can access higher loan amounts through a revision of the PPP’s funding formula, and noncitizens who are legal residents can apply for loans by using … Read More

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