The smallest businesses that have had the most trouble accessing forgivable loans from the Paycheck Protection Program will soon get extra help. The Biden administration on Monday announced changes for the pandemic aid program focused on helping small and minority owned firms as well as sole proprietors.
For two weeks, starting Wednesday, the Small Business Administration will only accept applications for PPP loans from firms with fewer than 20 employees.
The administration is also making several changes to the program, including increasing loan amounts for sole proprietors and individual contractors, eliminating restrictions around delinquent student loan debt and non-fraud felony convictions as well as allowing some non-citizen business owners to apply.