Small businesses take the lead for new round of PPP loans

0

BIRMINGHAM, Alabama (WBRC) – President Joe Biden is making it easier for some small business owners to get COVID-related help from the government.

The president announced that a two-week registration window will open on Wednesday specifically for companies with fewer than 20 employees.

They will be on the front line when applying for this round of the Paycheck Protection Program.

President Biden has said small businesses are the backbone of our country, but when the paycheck protection program began last year, many of these businesses were prevented from getting that lifeline. by large companies.

The loans are part of the $ 284 billion coronavirus assistance bill that Congress approved in December.

$ 150 billion of that money is still available.

Some of the disqualifications that prevented many companies from obtaining approval were lifted this time around.

Those who have been convicted of a non-fraudulent felony, those who fail to repay their student loans, and small business owners who are legal residents of the United States but not citizens, will be able to apply.

“We’re trying to give the ‘little guys’ a chance… at the front of the line for a little while. It’s only fair and equitable, ”said Tom Todt, district director for the Small Business Administration.

“So that will make a huge difference to them, I think, because these are them… the very small companies… a lot of things are playing against them,” Todt said.

This exclusive two-week window is expected to open on Wednesday.

For more information on how to apply, visit here.

Copyright 2021 WBRC. All rights reserved.

Share.

About Author

Leave A Reply