The Biden administration announced Monday that it was changing the Paycheck Protection Program (PPP) to make it easier for felons and those who have a history of being delinquent in paying back loans to get PPP loans.
The statement from the administration highlighted the importance that small businesses play in the U.S. economy—accounting for more than 40 percent of the U.S. GDP, creating nearly two-thirds of new jobs, and employing nearly half of the country. The administration specifically claimed that people of color have been hit hard from the pandemic as it promised to deliver “equitable relief.”
“Now, millions of main street small businesses–especially Black-and Brown-owned small businesses–are struggling to make ends meet in the wake of the COVID-19 pandemic and resulting economic crisis,” the statement said. “The Biden-Harris administration has made delivering equitable relief to hard-hit small businesses a top priority.”
The administration’s new plan will institute a two-week period in which only small businesses that employ