{"id":49894,"date":"2021-02-22T18:20:57","date_gmt":"2021-02-22T18:20:57","guid":{"rendered":"https:\/\/www.radiofree.org\/?p=165438"},"modified":"2021-02-22T18:20:57","modified_gmt":"2021-02-22T18:20:57","slug":"biden-administration-announces-fix-for-paycheck-protection-program-that-will-boost-relief-for-black-and-latino-owned-businesses","status":"publish","type":"post","link":"https:\/\/radiofree.asia\/2021\/02\/22\/biden-administration-announces-fix-for-paycheck-protection-program-that-will-boost-relief-for-black-and-latino-owned-businesses\/","title":{"rendered":"Biden Administration Announces Fix for Paycheck Protection Program that will Boost Relief for Black and Latino-Owned Businesses"},"content":{"rendered":"
WASHINGTON – Today, President Biden announced several fixes<\/a> to the rules of the Paycheck Protection Program (PPP), including one that will ensure a more accurate determination of the level of small business relief that sole proprietors and independent contractors need and are entitled to receive. <\/p>\n Over 100 organizations supporting African American, Latino and immigrant-owned businesses recently called for immediate changes<\/a> to ensure that relief gets to the business owners who need it the most. This important change will help millions of small businesses owners across the country, in rural and urban areas alike. Organizations signing on included the Main Street Alliance, Center for Responsible Lending, Local Initiatives Support Coalition, American Business Immigration Coalition, Asian\/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), United States Hispanic Chamber of Commerce, U.S. Black Chambers, Inc., Opportunity Finance Network and dozens of others. <\/p>\n Before this fix, the Small Business Administration (SBA) calculated the loan amounts for sole proprietors and independent contractors based on net profit rather than gross income, which does not give a true representation of their business relief needs. Changes in the rules for the latest round of funds provided a remedy for this issue for small farmers and ranchers, but other micro-businesses were not able to take advantage of that change. <\/p>\n This change will apply to new first time PPP loans as well as second draw loans. While the SBA cannot retroactively apply the fix to loans made prior to today\u2019s change, Congress can, and in fact has already done so for small farmers and ranchers. <\/p>\n