Biden is changing PPP rules. For 2 weeks, only businesses with fewer than 20 employees can claim pandemic relief loans.
Summary
The program was relaunched in January with $284 billion in new funds from a coronavirus aid bill enacted at the end of December. The officials said the program would also set aside $1 billion for businesses without employees in low- and moderate-income areas, mostly owned by women and people of color. The SBA plans to provide new guidance making it clear that legal US residents who are not citizens, such as green-card holders, cannot be excluded from the program. The Biden administration said it would eliminate exclusions that prohibit a business owner who is delinquent on student loans from participating in the program. Business owners with non-fraud felony arrests or convictions in the previous year are excluded from the program, but Biden administration officials said they would adopt bipartisan Senate proposals to remove this restriction, unless the applicant is currently incarcerated.