Congress moves to replenish and expand support for small businesses
Starting this week, President Biden is instituting a 14-day period during which only businesses with fewer than 20 employees can apply for relief through the Small Business Administration’s (SBA) Paycheck Protection
Program (PPP). This special application period will ensure that the program is accessible to our nation’s smallest and hardest hit businesses which often lack the means to compete with larger companies for this essential relief. If you are a small business owner and want to see if you qualify for a PPP loan you can visit the SBA’s website at https://www.sba.gov/ page/coronavirus-covid19-small-business-guidance-loan-resources.
The Administration’s efforts build upon the bipartisan work in Congress to replenish and expand PPP and to ensure that its support makes it to the businesses that need it most. On Dec. 21, 2020, I voted to pass new COVID-19 stimulus relief that provided an additional $284 billion in PPP loans, expanded the organizations that qualify for receiving the loans, and improved the ways in which businesses can use their relief funds. Now, I am fighting to pass the American Rescue Plan, which would provide fresh support including an additional $60 billion for small businesses in California.
In addition to the special application period the Biden Administration is making several important reforms to improve access to PPP. You can find more information about these changes below. Additional information about these resources can also be found on the SBA’s website at Coronavirus (COVID-19): Small Business Guidance & Loan Resources (sba.gov)
• Help sole proprietors, independent contractors, and self-employed individuals receive more financial support.
• Allow small business owners with prior non-fraud felony convictions to access PPP relief
• Allow small business owners who are delinquent on their federal student loans to apply for PPP loans
• Allow small business owners who are residents that pay taxes, but not citizens to use their Individual Taxpayer
• Identification Number (ITINs) to apply for relief • Expand transparency and accountability to better address abuse and fraud across SBA programs