Home » Business » Biden promotes aid to smaller or immigrant-run businesses in the US.

Biden promotes aid to smaller or immigrant-run businesses in the US.

The White House announced this Monday, February 22, 2021 changes in a program that seeks to keep afloat the Business of U.S during the pandemic, to make your loans more easily reach the business plus little ones of the country and those led by minorities or by immigrants with papers.

“The country’s small businesses are having a very bad time, and they need help now,” said the president of the United States, Joe Biden, in a speech at the White House.

“Since the pandemic400,000 small businesses have closed, and millions more are hanging by a thread. The hardest hit are the Black, Latino and Asian American communities, “the president added.

Therefore, as of this Wednesday, and for 14 days, only those companies that have less than 20 employees may request loans under the so-called Payroll Protection Program (PPP), created last year by Congress to help companies continue to pay their staff during the pandemic.

With that change, the White House seeks to help a group of companies, those with fewer than 20 employees, which account for 98% of the country’s small businesses but which in many cases have not been able to obtain a loan because “other larger companies were ahead of them and put themselves first in line, “according to Biden.

The two weeks of exclusive attention to the requests of those smaller companies will allow the administrators of the program to focus on them, said the White House.

In addition, the Administration of Small business (SBA), will change its guidelines to make it clear that business owners who are not US citizens but are legal residents can apply for loans using their taxpayer identification numbers (ITINs).

That will help correct the “irregularity in access” to those loans of those small business owners who have permanent residence permits (“green cards”) or visas, said the White House.

The government He also pledged to revise the formula he uses to calculate the loans, in order to help independent contractors or the self-employed, who in many cases were getting loans as low as $ 1 or were excluded from the program.

70% of business with a single employee are owned by women or non-white people, such as aesthetic specialists or home repairmen, the White House.

By last, Biden announced plans to remove program requirements that prevent access a loans of businessmen who have a previous criminal conviction or have had defaults on their federal student loans in the last seven years.

The president stressed that, to further help these businesses, the Congress should approve as soon as possible the economic rescue plan that he has proposed, valued at 1.9 trillion dollars and that the White House wants to sign before March 14, when key unemployment benefits expire.

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