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PPP Changes a Big Win for Main Street and Small Business Owners of Color

Statement by Shaundell Newsome, co-chair of Small Business for America’s Future and Founder of Sumnu Marketing in Las Vegas, on Biden Administration changes to the Paycheck Protection Program

Washington, D.C., Feb. 22, 2021—The changes to the Paycheck Protection Program the Biden administration announced today are a win for America’s smallest businesses and those owned by people of color—far too many of whom were left behind by ill-conceived rules that favored larger businesses. 



The changes giving businesses with 20 or fewer employees--the vast majority of small businesses--a window to apply for a PPP loan without competition from larger employers, expanding program eligibility to some owners with criminal records, changing the loan calculation formula for the self employed with the goal of increasing eligibility, and making the PPP loans forgivable for business owners behind on their federal student loan payments, expands access to our main small business pandemic relief program to a much broader spectrum of business owners. That means a lot more small business owners will have help keeping their businesses afloat and retaining their employees.

Congress created the PPP to help small businesses survive the pandemic and keep as many employees on the payroll as possible for a very good reason. Small businesses employ half of all Americans and power our local economies. We need a strong small business sector creating jobs and economic activity if the country is going to have a strong economic recovery. Expanding PPP loan access and forgiveness will go a long way to achieving that by helping more Main Street businesses survive and rebuild.

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About Small Business for America’s Future

Small Business for America’s Future is a national coalition of small business owners and leaders working to provide small businesses a voice at every level of government. We’re committed to ensuring policymakers prioritize the nation’s 30 million small businesses to create an economy that works for them, their workers and their communities. Visit www.smallbusinessforamericasfuture.org. Follow us on Twitter and Facebook. #SmallBizAF.