The Biden administration is establishing a two-week window starting on Wednesday, Feb. 24, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for Paycheck Protection Program (PPP) forgivable loans.
Biden's team is also carving out $1 billion to direct toward sole proprietors, independent contractors and self-employed individuals, such as home repair contractors and small independent retailers. The majority of these businesses — those without employees — are 70% owned by women and people of color.
In making the announcement
, the White House said that "these businesses often struggle more than larger businesses to collect the necessary paperwork and secure relief from a lender. The 14-day exclusive application period will allow lenders to focus on serving these smallest businesses. The Biden-Harris administration will also make a sustained effort to work with lenders and small business owners to ensure small businesses take maximum advantage of this two-week window."
For more information, contact Alex Strong