The Senate extends PPP assist for small companies by two months
President Joe Biden visits WS Jenks & Son on March 9, 2021, a Washington, DC hardware store that benefited from a Paycheck Protection Program loan.
Almond Ngan | AFP | Getty Images
While the updates were intended to target more funding for the smallest businesses, many of which are minority or women-owned, the timing confused many. Sole proprietorships who would get more money under the new calculation formula were particularly frustrated, especially those who had been missing out on major loans for a few days.
In addition, the US $ 1.9 trillion bailout plan that President Joe Biden put into law in March gave the SBA more funding. The bill included $ 7 billion to expand PPP and other provisions to help small businesses.
Are you a small business that recently got a PPP loan for the first drawing and is trying to get a PPP loan for the second drawing? Send an email to firstname.lastname@example.org to share your story.
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