Biden boosts lending to small businesses hit by coronavirus woes

For two weeks starting this week, the Small Business Administration will only take applications for PPP loans from firms with fewer than 20 employees.

United States President Joe Biden will launch changes on Monday to the main US coronavirus aid programme for small businesses to try to reach smaller, minority-owned firms and sole proprietors left behind in previous rounds of aid. Biden administration officials said that for two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable Paycheck Protection Program (PPP) loans from firms with fewer than 20 employees to ensure that they are not crowded out by larger firms. The changes, to be formally announced by Biden on Monday afternoon, come as small business bankers say demand for Paycheck Protection loans is slowing as firms reopen. The White House released a fact sheet outlining the changes on Monday morning.