What's this, actual help for the middle class and small businesses? A president who follows through on his promise to not allow the small fish to get swallowed up by the big fish when it comes to COVID relief? Apparently Joe Biden is putting the government's money where his mouth is, and implementing meaningful changes to the Paycheck Protection Plan ("PPP") to give small businesses real access to the loans to help them make it through the pandemic-induced economic crisis.
According to Inc.com, starting today (Feb. 24th), businesses with 20 employees or fewer will have a two-week exclusivity period in which to apply for PPP loans. Pres. Biden is also changing the loan amount formula for these small businesses, making the amount for which they're eligible larger. "The SBA is further setting aside $1 billion for those types of businesses in low-to-moderate income communities," according to the article.
People with non-fraud felony convictions can now apply. People who have defaulted on student debt are also now eligible. Immigrants who are residing in the U.S. legally can apply. It's almost as if the Biden/Harris administration actually WANTS to help people who are struggling economically, regardless of skin tone or financial status!
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