• Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
ABOUT
Advertise in GAT
Contact us
Wednesday, May 31, 2023
Georgia Asian Times
International Insurance of Georgia
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
  • Login
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
No Result
View All Result
Georgia Asian Times
No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts
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 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

Hyundai to announce $7B US plant during Biden Asia visit
Business

Hyundai and LG announce $4.3 billion plant in Georgia to build batteries for electric vehicles

May 26, 2023
Business

US, Chinese trade officials express concern about each other’s restrictions

May 26, 2023
Business

Microsoft: State-sponsored Chinese hackers could be laying groundwork for disruption

May 25, 2023
South Korea’s Hanon Systems invest $40 million auto parts plant near new Hyundai complex in Georgia
Business

South Korea’s Hanon Systems invest $40 million auto parts plant near new Hyundai complex in Georgia

May 24, 2023
Florida sued over law blocking Chinese citizens, other foreigners from buying property
Business

Florida sued over law blocking Chinese citizens, other foreigners from buying property

May 23, 2023
Disney scraps plans for new $1 billion Florida campus amid fight with Gov. Ron DeSantis
Business

Disney scraps plans for new $1 billion Florida campus amid fight with Gov. Ron DeSantis

May 19, 2023
Next Post

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

Signup Free E-Newsletter

Upcoming Events

Jul 14
6:00 pm - 10:30 pm

GAT 25 Most Influential Asian Americans in Georgia 2023

View Calendar
Logo

 

CONTACT US

Follow Us

MOST INFLUENTIAL

2023 GAT 25 Most Influential Asian American Pacific Islanders in Georgia

2023 GAT 25 Most Influential Asian American Pacific Islanders in Georgia

April 30, 2023
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

LINKS OF INTEREST

ATL Asian Film Festival

     

GAT AAPI SUMMIT 2023

  • Contact Us
  • Advertise in GAT
  • About
  • Privacy Policy
  • Terms of Use

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

No Result
View All Result
  • Home
  • Metro Asian News
  • Misc Asia
  • Lifestyle
  • Business
  • Art
  • Health
  • Eat Out
  • Events
  • Podcasts

© 2023 Georgia Asian Times - Empowered by 8SOL. Managed by Arckopolis.

Welcome Back!

Sign In with Google
OR

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

Early Bird (May 19-31, 2023)

  • Honoree

    $225.00
    Select
  • Single Seat

    $225.00
    Select
  • Table of 8

    $1,800.00
    Select

Subscribe

Stay ahead of the curve with Georgia Asian Times’ exclusive newsletter. Get the hottest news stories and cultural insights delivered straight to your inbox. No subscription fees, just pure Asian excellence

 

    Loading
    Loading
    Loading
    Loading
    Loading
    Register for FREE to read the rest of this article, or log in to your account.

      Or Login Here :

      [loginfrm]

      Are you sure want to unlock this post?
      Unlock left : 0
      Are you sure want to cancel subscription?