Biden Admin Announces
PPP Reform to Better
Help Small Businesses .
The changes, intended to help "minority-owned and
mom and pop businesses," were announced on Feb. 22.
Starting Feb. 24, only businesses with less than 20 employees will be able to apply for funding within a two-week period.
Bigger businesses will not be
allowed to apply during that time.
The first week of March will also
see some changes in eligibility rules.
Independent contractors, sole proprietors and the self-employed will now qualify for more money. .
The program will also be opened up to
people who were previously excluded, .
such as some non-citizen residents, small business
owners with non-fraud related felonies and those
who are delinquent on their student loans.
While the Paycheck Protection Program has delivered urgent relief to many businesses across the country, the initial round of PPP last year left too many minority-owned and mom and pop businesses out while larger, well connected businesses got funds quickly, Biden administration official, via CNN