President Biden pledged to help small businesses and he delivers by increasing small business PPP funding by 60%.
Video from President Biden:
In case you missed it during the Merrick Garland hearing, President Biden increased PPP funding for small businesses by 60% and set an exclusive application deadline for companies with fewer than 10 employees. pic.twitter.com/XIjFIQpTTK
– Sarah Reese Jones (@PoliticusSarah) February 22, 2021
The President said:
Let me be clear: the paycheck protection program is a bipartisan effort. Democrats and Republicans helped. But Democrats and Republicans have also raised concerns about improving it. With your contributions we do this in our administration: Improvement.
Last month we increased the proportion of funding for small businesses with fewer than 10 employees by nearly 60 percent. For companies in rural communities, the share of funding has increased by almost 30 percent since we took office. And the proportion of funds being distributed through banks that traditionally support minority companies has increased by more than 40 percent.
And today I am announcing additional changes to the PPP program that will ensure we pay more attention to the mom and pop business than we have before. As I explained to Pilar and Tim – the two small business owners I spoke to on Wednesday – the Small Business Administration will set up a 14-day exclusive application period for PPP loans for businesses and nonprofits with fewer than 20 employees. People can – can go out there and find out how to get these – these loans. Further information can be found at SBA.gov.
Republicans have spent decades covering up their corporate tax cuts with a language about small businesses, but it’s the Biden government that prioritizes small businesses and works to ensure they get the much-needed funding to keep their doors open and keep people on the payroll.
There are no secret slush funds for PPP cash for special donors like Trump did.
The Biden government is committed to helping where it is most needed and bailing out small businesses is vital to the country’s economic recovery.
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Mr. Easley is the Founder / Senior Editor, White House Press Pool, and a Congressional Correspondent for PoliticusUSA. Jason has a bachelor’s degree in political science. His thesis focused on public order with a specialization in social reform movements.
Awards and professional memberships
Member of the Society of Professional Journalists and the American Political Science Association