President Biden is targeting federal COVID-19 pandemic assistance at the nation’s smallest businesses and taking steps to promote equity in what is known as the Paycheck Protection Program. The administration is establishing a two-week window, starting Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for forgivable loans. Biden’s team is also carving out $1 billion to be directed at sole proprietorships, such as home-contracting and beautician businesses, the majority of which are owned by women and people of color. AdvertisementThe Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration. A further renewal of the program is not included in Biden’s $1.9-trillion COVID-19 relief package, which he hopes Congress will pass in the coming weeks.

Source: Los Angeles Times February 22, 2021 11:26 UTC