U.S. President Joe Biden announces changes to the main U.S. coronavirus disease (COVID-19) aid program for small businesses during brief remarks in the South Court Auditorium at the White House in Washington, U.S., February 22, 2021. REUTERS/Jonathan Ernst
Last updated on July 18th, 2023 at 12:32 pm
President Biden promised to help small businesses and he is delivering by increasing small business PPP funding by 60%.
Video of President Biden:
The President said:
I want to be clear: The Paycheck Protection Program is a bipartisan effort; Democrats and Republicans helped pass it. But Democrats and Republicans have also voiced concerns about improving it. With their input, that’s what we’re doing in our administration: improving it.
In the last month, we’ve increased the share of funding for small businesses with fewer than 10 employees by nearly 60 percent. For businesses in rural communities, the share of funding is up nearly 30 percent since we came to office. And the share of funding distributed through banks that traditionally help minority-owned businesses is up more than 40 percent.
And today, I’m announcing additional changes to the PPP program that will make sure we look out for the mom-and-pop business even more than we already have. As I explained to Pilar and Tim — the two small-business people I spoke to on Wednesday — the Small Business Administration is going to establish a 14-day exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees. People can — can go out and find how to get a hold of these — these loans. People can find out more at the SBA.gov.
Republicans have spent decades disguising their tax cuts for corporations with language about small businesses, but it is the Biden administration that is prioritizing small businesses and moving to make sure that they get vitally needed funding to keep their doors open and people on the payroll.
There are no secret slush funds of PPP cash for special donors, like Trump had.
The Biden administration is committed to helping where it is needed most, and saving small business is critical to the nation’s economic recovery.
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