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 according to 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 on the first drawing and is trying to get a PPP loan on the second drawing? Send an email to [email protected] to share your story.
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