The White House is adjusting the PPP loan program to offer more aid to smaller businesses.
The Biden administration will open up a 14-day window during which only businesses with 20 or fewer employees can apply for PPP loans.
The administration is also lifting restrictions that prevent ex-convicts, green card holders, or people who are delinquent on student loan payments from receiving PPP loans.
When the PPP program launched last year, it faced criticism for lending money to larger businesses, including restaurant chains like Shake Shack and T.G.I. Friday’s.
What’s the best way to boost the economy during the pandemic – giving money directly to citizens, or giving aid to businesses to help them stay open?