PPP loans: Biden administration changes rules to help reach the smallest businesses

CNN — The Biden administration announced several changes Monday to the Paycheck Protection Program in an effort to reach minority-owned and very small businesses that may have previously missed out on accessing loans to help weather the coronavirus pandemic. These changes will bring much-needed, long overdue help to small businesses who really need help staying open, maintaining jobs and making ends meet,” Biden said Monday at an event focused on the new changes. An administration official said on a call with reporters Sunday that “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.” Initial hiccups Congress created the forgivable loan program last March to help hard-hit small business owners who had to close their doors because of state and local pandemic lockdown measures. The bill would also provide $15 billion to the Emergency Injury Disaster Loan program, which provides long-term, low-interest loans from the Small Business Administration.