United States (US) Government has announced several changes to the country’s ‘Paycheck Protection Program’.
Speaking at event on Monday, President Joe Biden said the changes were made to reach minority-owned and very small businesses that may have previously missed out on accessing loans to help ease the negative effects of the COVID-19 pandemic.
According to the American president, starting Wednesday, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for the funding. Bigger businesses will be blocked during that time period, he said.
The loan programme will also open up to small business owners with non-fraud related felonies, those delinquent on their federal student loans and some non-citizen residents, such as Green Card holders or those in the country on visas — all of who were excluded earlier.
Biden said the new changes are intended to “make sure we look out for the mom-and-pop businesses even more than we have.”
“We will ensure every dollar is spent well. These changes will bring much-needed, long overdue help to small businesses who really need help staying open, maintaining jobs and making ends meet,” Biden said.
“Getting our economy back means bringing our small businesses back. And that’s what we’re going to do and that’s what I’m doing today.”