By Miriam Raftery
February 24, 2021 (Washington D.C.) – President Joe Biden has announced major actions and new funding to help bring pandemic relief to small businesses with less than 20 workers, sole proprietors, independent contractors and minority-owned enterprises.
Starting today and for the next 14 days, only businesses with less than 20 employees can apply for Paycheck Protection Program (PPP) loans, which don’t have to be repaid provided 60% of the loan is spent on payroll and the rest on other qualified expenses. This opportunity will cover 98% of all small businesses in America.
The White House is also revamping guidelines to make more business owners eligible, including those with student loan debts and business owners who are legal residents but not citizens.