President Biden is expected on Monday to announce new measures designed to help small businesses receive Paycheck Protection Program loans and expand the pool of eligible companies.
Small businesses have struggled to gain access to the lending program, a marquee government effort to help companies retain employees during the COVID-19 crisis, as they are often overlooked by lenders in favor of larger businesses. With the Small Business Administration several weeks into its third round of coronavirus relief lending, which will expire at the end of March,” Biden will mandate for two weeks starting Wednesday only businesses with fewer than 20 employees will be able to apply for PPP loans, with access for larger companies resuming after March 9.
A senior administration official said the window will give lenders more time to work with smaller businesses, while still ensuring access for larger eligible companies before the program expires in late March. “While businesses with 20 or more employees