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Biden pressed by banks to extend loan program as expiration looms
The crunch comes just days after the Biden administration unveiled new rules designed to help self-employed businesses gain access to the program and qualify for more aid.
Banks have warned that the SBA s decision to strengthen anti-fraud measures this year has introduced new delays in the application pipeline. | AP Photo/Elise Amendola
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Banks and other businesses are pressing the Biden administration and Congress to keep the government s largest small business aid program running beyond its March 31 expiration date, warning that struggling employers need more time to obtain the economic lifeline.
Biden pressed by banks to extend loan program as expiration looms msn.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from msn.com Daily Mail and Mail on Sunday newspapers.
Biden Changes P.P.P. Rules to Help the Self-Employed
A more generous loan formula for solo ventures is meant to get more very small businesses into the Paycheck Protection Program. But bigger applicants face a two-week pause.
“Getting our economy back means bringing our small businesses back,” Mr. Biden said Monday.Credit.Doug Mills/The New York Times
Published Feb. 22, 2021Updated March 16, 2021
Aiming to put its own stamp on the Paycheck Protection Program, the Biden administration on Monday abruptly changed crucial program rules in ways intended to help the smallest and neediest companies, which have sometimes struggled to obtain aid from the federal relief effort.
It would ignore technical glitches plaguing the entire Paycheck Protection Program and could end up delaying loans to larger borrowers who also need relief, bank executives and their trade groups say.