Biden Admin Announces PPP Reform to Better Help Small Businesses .
The changes, intended to help "minority-owned and mom and pop businesses," were announced on Feb.
22.
Starting Feb.
24, only businesses with less than 20 employees will be able to apply for funding within a two-week period.
Bigger businesses will not be allowed to apply during that time.
The first week of March will also see some changes in eligibility rules.
Independent contractors, sole proprietors and the self-employed will now qualify for more money.
.
The program will also be opened up to people who were previously excluded, .
Such as some non-citizen residents, small business owners with non-fraud related felonies and those who are delinquent on their student loans.
While the Paycheck Protection Program has delivered urgent relief to many businesses across the country, the initial round of PPP last year left too many minority-owned and mom and pop businesses out while larger, well connected businesses got funds quickly, Biden administration official, via CNN