Changes made to Paycheck Protection Program to help reach smaller businesses

first_imgState Representative’s bill protects small at-home businesses from license fees March 9, 2021 The-CNN-Wire™ & © 2021 Cable News Network, Inc., a WarnerMedia Company. All rights reserved. RELATEDTOPICS The Biden administration announced several changes that were made to the Paycheck Protection Program on Monday in an effort to reach minority-owned and very small businesses that may have missed out on accessing loans to help weather the pandemic.Starting Wednesday, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for funding, reported CNN. During that time period, bigger businesses will be blocked from applying.Eligibility rules will also change, effective the first week in March. The self-employed, sole proprietors and independent contractors can now qualify for more financial assistance. Those groups were previously excluded altogether or received as little as $1 because the loan amounts were calculated based on the number of employees, reported CNN. Cape Coral city officials prepare more COVID-19 funding January 26, 2021 Applications open for Restaurant Revitalization Fund to help businesses in need May 4, 2021 AdvertisementSmall business owners with non-fraud related felonies, those delinquent on their federal student loans and some non-citizen residents, such as Green Card holders or those in the country on visas, will also be eligible for the loan program.“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,” said an administration official on a call with reporters Sunday.The forgivable loan program was created last March by Congress. The first round of loans was slow to reach the smallest businesses and those without an existing relationship with a lender may have missed out, reported CNN. AdvertisementTags: Coronavirus reliefPPPsmall business Federal government to investigate PPP loan fraud May 19, 2021 Advertisement AdvertisementRecommended ArticlesBrie Larson Reportedly Replacing Robert Downey Jr. As The Face Of The MCURead more81 commentsGal Gadot Reportedly Being Recast As Wonder Woman For The FlashRead more29 comments AdvertisementDC Young Fly knocks out heckler (video) – Rolling OutRead more6 comments’Mortal Kombat’ Exceeded Expectations Says WarnerMedia ExecutiveRead more2 commentsDo You Remember Bob’s Big Boy?Read more1 commentsKISS Front Man Paul Stanley Reveals This Is The End Of KISS As A Touring Band, For RealRead more1 comments Advertisementlast_img read more