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Mon Feb 22, 2021, 02:24 PM

Biden tweaks Paycheck Protection Program to better target the nation's smallest businesses

Source: USA Today

WASHINGTON A federal program that provides loans to businesses to help them stay afloat during the coronavirus pandemic is undergoing some changes to allow more money to be directed at small businesses that need it most.

President Joe Biden announced several revisions Monday to the Paycheck Protection Program, which Congress approved last year as part of a nearly $2 trillion COVID-19 relief bill.

"Small businesses are the engines of our economic progress," Biden said. "They're the glue in the heart and soul of our communities. But they're getting crushed."

About 400,000 small businesses have shuttered amid the coronavirus pandemic. Though the Paycheck Protection Program delivered urgent relief to many, "a lot of these mom-and-pop businesses got muscled out of the way by bigger companies who jumped in front of the line," Biden said.

Read more: https://www.msn.com/en-us/news/politics/biden-tweaks-paycheck-protection-program-to-better-target-the-nation-s-smallest-businesses/ar-BB1dTMOu?li=BBnbfcQ&ocid=hplocalnews

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