“President Biden Makes an Announcement Related to Small Businesses”

WASHINGTON, D.C. (February 22, 2021)–today President Joe Biden made an announcement related to small businesses. Biden said “Small businesses are the backbone of our communities – and far too many are on the brink of closing their doors. Tune in as I announce additional steps we’re taking to support them.”

Highlights:

  • Small businesses are the engines of our economic progress; they’re the glue and the heart and soul of our communities.
  • It’s hurting black, Latino, and Asian American communities the hardest.
  • Biden said, “when the Paycheck Protection Program was passed, a lot of these mom-and-pop business just got muscled out of the way by bigger companies who jumped in front of the line.”
  • Biden said, former President Donald J. Trump’s “Paycheck Protection Program is a bipartisan effort; Democrats and Republicans helped pass it. But Democrats and Republicans have also voiced concerns about improving it. With their input, that’s what we’re doing in our administration: improving it.”
  • Bid added, “we’ve increased the share of funding for small businesses with fewer than 10 employees by nearly 60 percent. For businesses in rural communities, the share of funding is up nearly 30 percent since we came to office. And the share of funding distributed through banks that traditionally help minority-owned businesses is up more than 40 percent.”
  • Biden said, “today, I’m announcing additional changes to the PPP program that will make sure we look out for the mom-and-pop business even more than we already have.”

Vice-President Kamala Harris tweeted:

“Millions of small businesses – especially those owned by women and people of color – are struggling to keep their doors open. Today, our Administration announced key changes to the Paycheck Protection Program that will help get relief to more small businesses across the country.”

 

Source: White House

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