Small Business Owners: What You Need To Know About The New PPP Rules

small business owners what you need to know about the new ppp rules

What would LA be without tacos? Thousands of food businesses led by immigrants can benefit from new … [+] PPP rules.

Camino Financial

Are you a small business owner, working on your own or with less than 20 employees? Do you have student debt, a felony record, or are you a Green Card holder? The Biden administration announced five major changes in the Payroll Protection Program this week, which could make a big difference in making sure your application reaches the front of the line this time around.

These changes are critical for small business nationally, considering only an estimated 5% of small businesses have received support thus far. According to USA Today, we’ve said goodbye to 400,000 small businesses since the start of the pandemic. This next round of PPP is critical in making sure that number doesn’t double by this time next year. It should also have a particular impact in addressing both gaps in the PPP reaching communities of color, and the racial wealth gap at large that’s been widened by the ongoing Covid-19 pandemic. 

It’s important to name the irony that these five changes feel especially relevant to business owners of color, precisely because of the racialized, economic harm imposed by past policies over decades…

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