It Pays to Revisit the Paycheck Protection Program
The Biden administration’s recent changes are intended to encourage the smallest small businesses to apply for forgivable loans.
U.S. President Joe Biden on Feb. 22, 2021, announced his administration will give exclusive access to the Paycheck Protection Program to the nation's smallest businesses for two weeks.
Photographer: Jim Lo Scalzo/BloombergIf you’ve been struggling to make ends meet while working for yourself or running a small business with relatively few workers, now is a good time to consider applying for a forgivable loan through the Small Business Administration’s Paycheck Protection Program. Unlike normal loans, PPP loans can be forgiven if certain requirements are met, meaning they’re essentially grants with strings attached.
The Biden administration on Feb. 22 announced changes to the program that are meant to make it more useful to the self-employed and the smallest employers, Bloomberg News reported. The same day, President Joe Biden warned that 400,000 small businesses have closed during the pandemic, and “millions more are hanging by a thread.”