WASHINGTON (AP) — President Joe Biden is targeting federal pandemic assistance to the nation’s smallest businesses and taking steps to further equity in what is…
WASHINGTON (AP) — President Joe Biden is targeting federal pandemic assistance to the nation’s smallest businesses and taking steps to further equity in what is known as the Paycheck Protection Program. The administration is establishing a two-week window, starting on Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. Biden’s team is also carving out $1 billion to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color. Other efforts will remove a prohibition on lending to a company with at least 20% ownership by a person arrested or convicted for a nonfraud felony in the prior year, as well as allowing those behind on their federal student loans to seek relief through the program.
