PPP changes meant to improve access for smallest businesses Email
Written by Colorado Green NOW   
Tuesday, February 23, 2021 02:00 AM

The White House and the US Small Business Association (SBA) have announced changes to the Paycheck Protection Program (PPP). The goal of the changes, according to the announcements, is to promote better, more equitable access to relief funds and to support the “smallest of small businesses.”

According to the White House, changes to the program over last year include:

  • The share of funding going to small businesses with fewer than ten employees is up nearly 60%
  • The share of funding going to small businesses in rural areas is up nearly 30%
  • The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%

Beginning February 24, only businesses with fewer than 20 employees can apply for relief through the Program for a 14-day period. Remaining changes to the program will be implemented by the first week of March. The changes are meant to increase access to PPP and other relief, with a stronger commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas.

See the White House fact sheet on changes to the PPP.

Read the SBA announcement of the changes to the PPP. 

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