Biden to revise small business loans to reach smaller, minority firms, says official

Reuters ^ | February 22, 2021 | By David Lawde

[Oldeconomybuyer]

U.S. President Joe Biden will launch changes on Monday to the main U.S. coronavirus aid program for small businesses to try to reach smaller, minority-owned firms and sole proprietors left behind in previous rounds of aid.

The changes, to be formally announced by Biden on Monday, come as small business bankers say demand for Paycheck Protection loans is slowing as firms reopen.

The officials said the program will also set aside $1 billion for businesses without employees in low- and moderate-income areas, which are 70% owned by women and people of color.

The SBA will provide new guidance making it clear that legal U.S. residents who are not citizens, such as green card holders, cannot be excluded from the program. The Biden Administration will also eliminate exclusions that prohibit a business owner who is delinquent on student loans from participating in the program.

Business owners with non-fraud felony arrests or convictions in the previous year are excluded from the program, but Biden administration officials said they will adopt bipartisan Senate proposals to remove this restriction -- unless the applicant is currently incarcerated.

[griswold3]

So, Fraud is ok?

[vpintheak]

Whitey need not apply. Your hopes and dreams depend on skin color; so if you’ve got white skin, just give up now.

[moovova]

That’s racist.

[Jimmy Valentine]

SBA already has a very active program for minorities under Section 8A. This is another boondoggle

[Vaduz]

So they can pay $15.00 an hour and still go broke.

Biden logic in action

[ridesthemiles]

This is all smoke & mirrors. Biden wants EVERY working person to be in a UNION.

Take a loan-—BE in a UNION ???

[jmacusa]

I lived in upstate New York for a while back in the late 80’s. Near Cooperstown. It was tough then.