Finance debt

Biden reforms PPP loans to boost small businesses


US President Joe Biden on Monday announced he was enacting new rules for the Paycheck Protection Program (PPP) aimed at boosting support for smaller US businesses.

The reforms include a 14-day window in which only companies with fewer than 20 employees can request relief under the programs, the White House said in a statement. The period, which aims to strengthen the access of small businesses to the program, will begin on Wednesday.

The White House also touted the reviews as an effort to help minority-owned businesses, especially independent contractors, sole proprietors, and self-employed workers, 70% of whom are women and people of color.

The Biden administration is set to rewrite the loan formula to allow better access to PPP loans and will put in place a $ 1 billion allocation for them.

The program was implemented at the start of the epidemic in the United States and has been essential in keeping American businesses afloat amid the economic calamity caused by the coronavirus pandemic.

The United States has been on the verge of killing half a million since the virus first reached the country in early 2020.

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