The Biden administration announced Monday that it was changing the Paycheck Protection Program (PPP) to make it easier for felons and those who have a history of being delinquent in paying back loans to get PPP loans.
The statement from the administration highlighted the importance that small businesses play in the U.S. economy — accounting for more than 40 percent of the U.S. GDP, creating nearly two-thirds of new jobs, and employing nearly half of the country. The administration specifically claimed that people of color have been hit hard from the pandemic as it promised to deliver “equitable relief.”
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