The Small Business Administration recently announced changes to its small business size standards, which govern whether a business is eligible for small business contracts and aid. That could help businesses that were near the old size threshold.
Companies with fewer than 20 employees have had an exclusive two-week PPP loan application window.
Three-quarters of the money Washington set aside hasn’t been touched. Some point to new restrictions on which businesses qualify.
A Black-owned bank CEO in South Carolina says the new PPP applicants he’s seen are businesses owned by women and people of color.
Loan money can be used to cover more expenses this time around — not just payroll, but also to buy supplies.
President-elect Biden also nominated Isabel Guzman as head of the Small Business Administration.
They have been a lifeline for laid-off workers. They also boost demand and enable businesses to focus on staying afloat.
About 75% of small businesses sought Paycheck Protection Program loans and about 72% of them got PPP loans, according to the Census Bureau.
It’s clear the loans went to some enterprises that are once again prompting questions about who really needed the government aid.
Congress and the Trump administration have not yet agreed on a plan for distributing the unused $130 billion remaining in the program.
