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LIVE: Biden to Expand Paycheck Protection Program for Small Businesses Amid Covid-19
Posted
February 22, 2021
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February 22, 2021
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9:38Now Playing(Feb 22) Watch live as President Joe Biden makes an announcement related to small businesses during the Covid-19 pandemic at the White House on Monday, February 22, 2021, in Washington, D.C.
Small businesses, the beating heart of the U.S. economy, started the new year facing surging coronavirus infections and tighter government restrictions on activity. They’re also getting additional federal help, following a months-long stalemate in Washington over a new pandemic-relief package to prop up the ailing economy.
The lifeline that was overdue for many business owners struggling to get by: Optimism among small businesses slumped to an eight-month low in January.
The new round of $284 billion in Paycheck Protection Program forgivable loans, which started Jan. 11, is attempting to correct the confusion and fraud seen last year. The Small Business Administration tried to target the types of businesses that were left behind during the initial $523 billion PPP, including tiny firms owned by minorities and those in low-income areas that aren’t served by the traditional banking system.
But 70% of the borrowers in the fresh round are business owners getting a second loan. As of Feb. 15, about 1.67 million loans have been approved, worth $125.7 billion. The average loan size, at about $75,000, is down from $101,000 last year.
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