Biden administration announces reforms to PPP to assist small businesses
The Biden administration announced Monday plans to deliver “equitable relief” to small businesses impacted by the coronavirus outbreak, with a focus on those that may have had difficulty obtaining forgivable loans and minority-owned businesses.
The White House released a statement saying that it built upon last year’s Paycheck Protection Program. The PPP program, which started a month ago increased funding to businesses with fewer than 10 employees by 60% as well as rural businesses that have experienced a 30% increase.