02-22-2021, 03:01 PM
The program was re-launched on January 19 with $284 billion in new funds from a coronavirus aid bill passed at the end of December, and a Biden administration official said about $150 billion of PPP money is still available.
But Biden administration officials said there are still many minority and very small firms in low-income areas that have not been able to receive aid.
The changes aim to make it easier for firms with no employees — sole proprietors, independent contractors, and self-employed people such as house cleaners and personal care providers — that could not qualify previously because of business cost deductions.
The Small Business Administration will revise the rules to match the approach used to allowed small farmers and ranchers to receive aid, the businesses said.
But Biden administration officials said there are still many minority and very small firms in low-income areas that have not been able to receive aid.
The changes aim to make it easier for firms with no employees — sole proprietors, independent contractors, and self-employed people such as house cleaners and personal care providers — that could not qualify previously because of business cost deductions.
The Small Business Administration will revise the rules to match the approach used to allowed small farmers and ranchers to receive aid, the businesses said.