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In the News: Biden Sets New PPP Loan Rules for Small Businesses

Earlier this week, President Joe Biden put in place new rules for the Paycheck Protection Program that gives exclusive access to these PPP loans to the smallest of small businesses in America.

Starting on Wednesday, companies with less than 20 employees, will be the only businesses allowed to apply for PPP loans. This exclusivity lasts for 2 weeks.

Biden says these small businesses have been “muscled out” of the PPP loan process too often through the course of the pandemic. More than 5 million small businesses nationwide have gotten a PPP loan since the program launched in 2020.

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