1. The Biden administration on Monday announced changes to the Paycheck Protection Program designed to help small and minority-owned businesses. Starting Wednesday, the administration will give businesses with fewer than 20 employees a two-week window during which they will have an exclusive opportunity to apply for the loan program created to help businesses affected by coronavirus lockdowns continue to pay their workers. The loans also will be made available to some business owners previously excluded, such as those delinquent on federal student loans and Green Card holders. "While the Paycheck Protection Program has delivered urgent relief to many businesses across the country, the initial round of PPP last year left too many minority-owned and mom and pop businesses out while larger, well connected businesses got funds quickly," an administration official said. [CNN, Fox Business]2. Boeing on Sunday called for airlines to temporarily stop using Boeing 777s powered by the
President Biden will announce several revisions to a federal program helping businesses stay afloat during the pandemic, the Paycheck Protection Program. The changes are aimed at ensuring more small and minority-owned businesses are able to qualify for federal assistance. CBS News senior White House correspondent Weijia Jiang joined CBSN to discuss what those changes entail.
Student Loan Debt Is an Unheralded Burden for Older Borrowers
Americans 50 and over owe hundreds of billions for themselves, children
by John Waggoner, AARP, Updated March 8, 2021 |
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En español | The student loan debt crisis is not just a problem for the young. Of the $1.6 trillion in total student debt at the end of 2020, borrowers 50 and older owed about 22 percent of that amount, or $336.1 billion more than a five-fold increase from 2004.
Growing problem
The crisis has been hard on older households. In 1989, 3.1 percent of families headed by someone age 50-plus carried student loan debt, owing an average of $10,073. By 2016, 9.6 percent of families headed by someone age 50-plus carried student loan debt, with the average amount owed more than tripling to $33,053.
No Age Limit to Apply for FAFSA Student Grants and Loans aarp.org - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from aarp.org Daily Mail and Mail on Sunday newspapers.
The student debt crisis has become a top issue for millions of Americans who are on the edge of their seats as they await some level of federal relief. Proposals in Washington for the cancellation of student loan debt are still on the table and up for discussion. Currently, there is no legislation that has been presented to President Joe Biden.