Biden administration announces reforms to PPP to assist small businesses

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.

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