Midway through the second draw from the Paycheck Protection Program, the Biden administration has announced it is temporarily limiting the application process to focus on small businesses. For 14 days, starting Feb. 24, only businesses with fewer than 20 employees can apply for the program.
In announcing the change on Feb. 22, President Biden said helping small businesses is critical to economic recovery. “Small businesses are the engines of our economic progress,” he said. “They’re the glue and the heart and soul of our communities, but they’re getting crushed. Since the beginning of this pandemic, 400,000 small businesses have closed—400,000—and millions more are hanging by a thread.”