WASHINGTON, D.C. – Today, the Biden administration announced a crucial development in the Paycheck Protection Program (PPP): a temporary limit on applications for all but the smallest businesses. While the relief program was always meant to be a lifeline to help mom-and-pop businesses keep the lights on and ensure employees got paid, under former President the program overwhelmingly disadvantaged the businesses and communities in greatest need of assistance — all while giving a leg up to large corporations and publicly-traded businesses who wanted to cash in.
Biden's Changes To The PPP
But today, the White House announced that for the next two weeks, the program will only take applications from businesses with 20 employees or fewer. The move will give mom-and-pop shops - especially those owned by the women, people of color, and others who were left behind by the first iterations of the PPP - the chance to get the support they need as the pandemic continues to ravage small businesses.
“At long last, it appears mom-and-pop businesses will finally have a chance to put their hats in the ring for the assistance they should have gotten through the Paycheck Protection Program from the start,” said Kyle Herrig, president of government watchdog Accountable.US. “Small businesses owned by women and people of color have faced overwhelming hardships during the pandemic, and under the previous administration, their calls for help were largely ignored. President Biden’s move to target aid to the businesses in greatest need is a much-needed step forward in bolstering the nation’s economy and supporting workers and families.”
Accountable.US is a nonpartisan watchdog group that exposes corruption across all levels of government.