Biden Administration Announces PPP Reforms

Feb. 22, 2021
About $150 billion in PPP money is still available.

Feb. 22, 2021—The Biden administration announced changes on Monday to the Paycheck Protection Program (PPP) to try and reach smaller, minority-owned businesses and sole proprietors who were unable to receive aid in previous rounds, CNBC reported

For two weeks, beginning Wednesday, the Small Business Administration (SBA) will only accept applications for forgivable PPP loans from firms with fewer than 20 employees. 

The program will also set aside $1 billion for businesses without employees in low- and moderate-income areas, which are 70 percent owned by women and people of color. 

The SBA will also provide new guidance making it clear that legal U.S. residents who are not citizens, such as green card holders, cannot be excluded from the program, the report said. The Biden administration will also eliminate exclusions that prohibit a business owner who is delinquent on student loans from participating in the program.
 

About the Author

FenderBender Staff Reporters

The FenderBender staff reporters have nearly four decades of combined journalism and collision repair experience.

Sponsored Recommendations

Learn how ADAS utilizes sensors such as radar, sonar, lidar and cameras to perceive the world around the vehicle, and either provide critical information to the driver or take...
Enhance your collision repair workflow with Autel’s IA900, a process-driven solution integrating precision alignment, bi-directional diagnostics, and ADAS calibration. Designed...
The Autel IA700 is a state-of-the-art and versatile wheel alignment pre-check and ADAS calibration system engineered for both in-shop and mobile applications...
Discover how the investment in an extended-height paint booth is a game-changer for most collision shops with this Free Guide.