Biden Announces Paycheck Protection Program Changes to Help Small Businesses
President Joe Biden on Feb. 22 announced changes to the federal program that’s aimed to help small businesses survive the COVID-19 pandemic.
The Small Business Administration will establish a 14-day period during which only businesses and nonprofits with fewer than 20 employees can apply for loans from the Paycheck Protection Program (PPP). The period will start on Feb. 24.
Larger companies will be able to apply for loans after the period ends, until the program expires on March 31.