President Joe Biden has promised to give small businesses in the US two weeks of exclusive access to emergency loans.
This development is part of the Biden administration plan to support minority-owned businesses and other companies that have struggled the most to obtain the funds during the pandemic.
From Wednesday morning to the evening of March 9, the country’s smallest employers, ie only businesses with fewer than 20 employees will be able to apply for aid through the massive Paycheck Protection Program.
The programme offers loans that can be converted into grants if businesses keep paying workers. It is one of a series of steps the administration announced on Monday to get more aid to underserved businesses.
While making comments on the programme at a press conference, President Biden said, “Getting it is another,” “One of the things I’ve heard again and again from small business owners … is that knowing about support is one thing,”
Less than half of the PPP’s more than $284 billion in current funding has been used since it relaunched Jan. 11, with little concern that it would be exhausted.