•   
  •   

World 5 ways Biden just tweaked the PPP to help the smallest businesses survive

22:37  22 february  2021
22:37  22 february  2021 Source:   businessinsider.com.au

The White House's petty dig at MBS shows Biden is serious about bringing Saudi Arabia to heel

  The White House's petty dig at MBS shows Biden is serious about bringing Saudi Arabia to heel The White House announced that Biden's opposite number in Saudi Arabia is King Salman. It was a clear dig at Crown Prince Mohammed, who is in reality running Saudi Arabia. The Biden administration seems reticent to engage with MBS given his nefarious human-rights record. Visit the Business section of Insider for more stories. The White House effectively downgraded Crown Prince Mohammed bin Salman's status in Saudi Arabia on Tuesday. Jen Psaki, the White House press secretary, said the Biden administration will "recalibrate" how it treats the kingdom, and started by redefining President Joe Biden's opposite number.

Joe Biden standing in front of a mirror posing for the camera: President Joe Biden speaks in the State Dining Room at the White House on February 5, 2021. President Joe Biden speaks in the State Dining Room at the White House on February 5, 2021.
  • Biden made changes to the Paycheck Protection Program on Monday to ensure equitable access to small business relief.
  • The changes included a 2-week period for only businesses with under 20 employees to apply to the program.
  • The SBA will also work to ensure access to those with student loan debt and/or unrelated prior felony charges.
  • Visit the Business section of Insider for more stories.

To help the smallest businesses in the country facing financial hardships, President Joe Biden announced on Monday that he will implement changes to provide more equitable access to the Paycheck Protection Program (PPP).

Black, Latino Groups See Ally In Kamala Harris As Biden Administration Navigates First 100 Days

  Black, Latino Groups See Ally In Kamala Harris As Biden Administration Navigates First 100 Days Harris has leaned into being the first woman and first woman of color in the role to connect with groups that will be key to the administration's success as the recovery unfolds. On Thursday, Harris met with Senator Catherine Cortez Masto, Representative Barbara Lee, and members of women's advocacy groups including the Black Women's Roundtable, the National Association of Women Business Owners, and the National Congress of American Indians, to discuss what she termed, in a recent Washington Post op-ed, the "national emergency" of 2.5 million women leaving the workforce since the beginning of the pandemic.

The first round of PPP loans closed in August, and in December, Congress added funding that allowed the second round of PPP loans to open on January 13.

According to a White House fact sheet released on Monday, funding for businesses with fewer than 10 employees is up by 60% compared to last year, while funding to businesses in rural areas is up by 30%, and funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up by more than 40%.

The remaining funds will be available for distribution through March 31.

The changes to the PPP that the president announced on Monday, which included prioritising businesses with less than 20 employees and expanding the program's access to underserved communities, are intended to build on the program's demonstrated improvements.

Biden set to make first public outing on world stage as president

  Biden set to make first public outing on world stage as president In virtual G7 summit and Munich Security Council, Biden to announce aid for global COVID fight, rebuke ‘America First’.Biden is expected to discuss the global response to COVID-19, stress coordination in responding to Russia and China, and the Iran nuclear deal during the two events.

"Getting our economy back means bringing our small businesses back," Biden said in an announcement on Monday. "And that's what we're going to do and that's what I'm doing today."

Here are the five specific changes Biden made to the PPP:

(1) Instituting a 2-week period where only businesses with under 20 employees can apply for the program

To further target small businesses aid, Biden will institute a 14-day period, from February 24 to March 10, where only businesses with 20 employees and under will be allowed to apply for the PPP to "allow lenders to focus on serving these smallest businesses."


Video: PM calls for permanent increase to JobSeeker payment (Sky News Australia)

The fact sheet says 98% of small businesses have fewer than 20 employees, and that they are the "Main Street businesses that anchor our neighbourhoods and help families build wealth."

Munich Security Conference: Joe Biden warns of "attacks" on democracy

 Munich Security Conference: Joe Biden warns of "America is back": At the security conference, US President Biden addressed a European audience for the first time and promised a return to old partnerships. But he also brought a warning. © Patrick Semansky / AP Under ex-President Donald Trump the relationship between Europe and the USA has cooled significantly. There is great concern that the partnership under his successor Joe Biden will not find its way back to its old harmony.

Those businesses often struggle more than larger businesses in accessing relief, according to the fact sheet, which is why the two-week period will be implemented to ensure targeted aid.

(2) Providing more funding for sole proprieters and self-employed individuals

With many businesses without employees being structurally excluded from the PPP's loan calculations, the president's new changes will revise the loan calculation formula to ensure it includes sole proprieters, self-employed individuals, and independent contractors.

Also, $US1 billion will be set aside for businesses in that category located in low and moderate income areas.

(3) Eliminating the restriction that prevents small business owners with non-fraud-related felonies from receiving PPP aid

According to current PPP requirements, a business is ineligible for the program if the owner has had an arrest or felony conviction related to financial assistance fraud in the last five years, or any other felony within the previous year.

To expand PPP access, Biden will adopt provisions in the bipartisan PPP Second Chance Act, which would eliminate the second felony restriction.

Reporter questions State Department spokesman whether Biden taking credit for Trump accomplishments

  Reporter questions State Department spokesman whether Biden taking credit for Trump accomplishments Reporter questions State Department spokesman whether Biden taking credit for Trump accomplishments An Associated Press reporter took State Department spokesman Ned Price to task Monday for suggesting that President Joe Biden was responsible for a policy that had started under the Trump administration. Price, highlighting a report sent to Congress, said some 18 entities have engaged in "good faith efforts" to scale back their involvement in Nord Stream 2, a controversial $11 billion pipeline project designed to transmit Russian natural gas to Germany.

"Anyone who has rebuilt their life after being incarcerated should be celebrated and supported," Sen. Ben Cardin of Maryland, one of the co-sponsors of the bill, said in a statement. "Congress created PPP to help all small businesses keep their employees on payroll, and there is no reason why a business owned by someone with an unrelated criminal record should be treated any differently."

(4) Eliminating the restriction that prevents small business owners with student loan debt from receiving PPP aid

Business owners who are delinquent on a federal debt in the last seven years, including student loan debt, are currently ineligible to apply for the PPP.

With millions of Americans holding student loan debt, Biden called on the Small Business Administration to work with the Depts. of Treasury and Education to remove the student loan delinquency restriction, meaning that those who are late on paying back their loans will not be cut out of PPP eligibility.

(5) Ensuring access for non-citizens who are lawful residents to apply for PPP relief

While the PPP requirements specify that any lawful US resident can access the program, a lack of guidance from the SBA created inconsistencies for those using Individual Taxpayer Identification Numbers, making it difficult for them to get relief.

Biden directed the SBA to make clearer guidance so all eligible applicants will not be denied access to the PPP.

"We will ensure every dollar is spent well," Biden said on Monday. "These changes will bring much-needed, long overdue help to small businesses who really need help staying open, maintaining jobs and making ends meet."

Trump, Miller Think Road to 2022 Victory Is Immigration, Democrats See It as a Failed Playbook .
In his CPAC speech, Donald Trump said Biden has "triggered a massive flood of illegal immigration into our country, the likes of which we have never seen before."The issue was famously one of the first things the former president brought up as a candidate in 2016, although he did not prioritize it in his 2020 race.

usr: 1
This is interesting!