Small and minority-owned long-term care operators can expect some additional help securing loans through the Small Business Administration’s Paycheck Protection Program starting this week, thanks to changes announced Monday by the Biden administration.
Starting Wednesday, the administration will give businesses with fewer than 20 employees a two-week window during which they will have an exclusive opportunity to apply for the loan program created to help businesses weather the COVID-19 pandemic. Bigger businesses will be blocked during that time period.
The administration also changed some eligibility rules, effective the first week of March. Loans will be made available to some business owners previously excluded, such as those delinquent on federal student loans, Green Card holders and those in the country on visas.
The president said the new changes are intended to “make sure we look out for the mom-and-pop businesses even more than we have.”
“We will ensure every dollar is spent well,” Biden said Monday at an event focused on the news. “These changes will bring much-needed, long overdue help to small businesses who really need help staying open, maintaining jobs and making ends meet.”