• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
ABOUT
Advertise in GAT
Contact us
Thursday, August 18, 2022
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
Home Business

Biden to boost pandemic lending to smallest businesses

Georgia Asian Times by Georgia Asian Times
February 22, 2021
in Business, Feature
Share on FacebookShare on Twitter

Washington DC, Feb 22, 2021 — President Joe Biden is targeting federal pandemic assistance to the nation’s smallest businesses and taking steps to further equity in what is known as the Paycheck Protection Program.

The administration is establishing a two-week window, starting on Wednesday, in which only businesses with fewer than 20 employees — the overwhelming majority of small businesses — can apply for the forgivable loans. Biden’s team is also carving out $1 billion to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.

Other efforts will remove a prohibition on lending to a company with at least 20% ownership by a person arrested or convicted for a non-fraud felony in the prior year, as well as allowing those behind on their federal student loans to seek relief through the program. The administration is also clarifying that non-citizen legal residents can apply to the program.

The PPP, first rolled out in the earliest days of the coronavirus pandemic and renewed in December, was meant to help keep Americans employed during the economic downturn. It allows small and mid-size businesses suffering a loss of revenue to access federal loans, which are forgivable if 60% of the loan is spent on payroll and the balance on other qualified expenses.

AD: High Museum of Atlanta

The Biden effort is aimed at correcting disparities in how the program was administered by the Trump administration.

Data from the Paycheck Protection Program released Dec. 1 and analyzed by The Associated Press show that many minority owners desperate for a relief loan didn’t receive one until the PPP’s last few weeks while many more white business owners were able to get loans earlier in the program.

The program, which began April 3 and ended Aug. 8 and handed out 5.2 million loans worth $525 billion, helped many businesses stay on their feet when government measures to control the coronavirus forced many to shut down or operate at a diminished capacity.

The latest PPP, which began on Jan. 11 and runs through the end of March, has already paid out $133.5 billion in loans — about half of the $284 billion allocated by Congress — with an average loan under $74,000.

A further renewal of the program is not included in Biden’s $1.9 trillion “ American Rescue Plan,” which he hopes Congress will pass in the coming weeks. – Reuters

 

Tags: Joe BidenPaycheck Protection Program (PPP)small business
Previous Post

Bitcoin plunges after weekend climb to record high

Next Post

Asian American woman with a mission: Dr Swati Mohan heads successful landing of Mars rover

Georgia Asian Times

Georgia Asian Times

Related Posts

Business

US to hold trade talks with Taiwan, island drills military

August 18, 2022
Which EVs qualify for new US tax credit? Websites offer help
Business

Which EVs qualify for new US tax credit? Websites offer help

August 18, 2022
Amazon to buy vacuum maker iRobot for roughly $1.7B
Business

Amazon to buy vacuum maker iRobot for roughly $1.7B

August 7, 2022
SK Group to invest first of its kind glass-based semiconductor-part venture in Georgia
Business

Bill to boost semiconductor industry passes key Senate test

July 26, 2022
Hyundai gets $1.8B in aid to build electric cars in Georgia
Business

Hyundai gets $1.8B in aid to build electric cars in Georgia

July 22, 2022
Delta posts $735 million profit, sees strong revenue in 3Q
Business

Delta posts $735 million profit, sees strong revenue in 3Q

July 13, 2022
Next Post

Asian American woman with a mission: Dr Swati Mohan heads successful landing of Mars rover

Signup Free E-Newsletter

Upcoming Events

Sep 3
September 3 @ 4:00 pm - September 4 @ 9:30 pm

Taiwan Yes Night Market at Atlanta

Sep 17
September 17 @ 11:00 am - September 18 @ 6:00 pm

JapanFest 2022

View Calendar

 

CONTACT US

Follow Us

MOST INFLUENTIAL

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

GAT 25 Most Influential Asian Americans Gala celebrates Asian voice

July 18, 2022

Video highlights of GAT 25 Most Influential Asian Americans in Georgia

July 17, 2022

2022 GAT 25 Most Influential Asian Americans in Georgia-Awards Gala

July 17, 2022

LINKS OF INTEREST

ATL Asian Film Festival

GAT on Facebook

  • Contact Us
  • Advertise in GAT
  • ABOUT

© 2022 Georgia Asian Times - empowered by 8SOL

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Sports
  • Eat Out
  • Classified
  • PODCAST
    • Apa Kabar Indonesia
    • Atlanta Burmese Voice
    • SungKhom Lao
    • Tam Su Voi
    • Usapang Pinoy

© 2022 Georgia Asian Times - empowered by 8SOL

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist