The administration of U.S. President Joe Biden is attempting to steer more Paycheck Protection Program (PPP) funding to America’s small businesses.
In a 22 February announcement, the White House said it will open a special 14-day period, beginning Wednesday, 24 February, during which time only businesses with fewer than 20 employees may apply for PPP relief.
“The 14-day exclusive application period will allow lenders to focus on serving these smallest businesses. The Biden-Harris administration will also make a sustained effort to work with lenders and small business owners to ensure small businesses take maximum advantage of this two-week window,” it said in a press release.
Additionally, the White House said it will steer more resources to help sole proprietors, independent contractors, and self-employed individuals receive more financial support, and eliminate a restriction that prevents small-business owners with prior non-fraud felony convictions and those delinquent on their federal student loans from obtaining PPP relief. The changes also include a widening of access to the PPP program to ensure access non-citizen small business owners who are lawful U.S. residents can use individual taxpayer identification numbers (ITINs) to apply for relief.
The reforms will enable more small businesses – especially minority-owned businesses – struggling with the financial impact of the COVID-19 pandemic to obtain financial relief, the White House said.
“While these efforts are no substitute for passage of the American Rescue Plan, they will extend much-needed resources to help small businesses survive, reopen, and rebuild,” the White House said, referring to a USD 1.9 trillion (EUR 1.6 trillion) COVID-19 relief package being advanced by Biden and congressional Democrats.
“We’re pleased to see businesses getting the help they need to speed the recovery, including small family-owned ones like you see throughout the seafood value chain,” National Fisheries Institute Vice President of Communications Gavin Gibbons told SeafoodSource in an email.
Photo courtesy of The White House
