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Biden Administration Increases Small Business Loans; PPP will be more accessible
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Biden News - Access to the program will be much more accessible for companies that request it.

The coronavirus pandemic and the economic crisis it generated around the world affected small businesses in the United States, which is why the administration of Joe Biden and Kamala Harris has focused on supporting them with loans. Biden News - This Monday, through a statement, the White House announced that the government will increase economic support to this sector and modify the PPP to make it more accessible.

Small businesses account for 44% of the US Gross Domestic Product and generate two-thirds of net new jobs, which means they employ nearly half of the nation's workers.

Compared to the program of the previous administration, the last round of financing for the Paycheck Protection Program (PPP), which began a month ago, showed a notable improvement.

Some of the points where it was improved compared to last year are:

The proportion of aid destined for companies with less than 10 workers increased by almost 60%.
The number of checks destined for small businesses in rural areas also grew by 30%

The sector where the growth of 40% was registered was in support distributed through community development financial institutions and minority depository institutions.

Besides, the Biden-Harris administration announced reforms to make the PPP more accessible and its success to reach smaller companies, in addition to those that we're unable to access the program.

Biden News reported, starting this Wednesday, companies with less than 20 employees will have a period of 14 days to request financial support through the PPP. 98% of the small businesses for which the program was intended have fewer than 20 employees.

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