Biden Announces Paycheck Protection Program Changes to Help Small Businesses

President Joe Biden announces changes to the Paycheck Protection Program for small businesses during brief remarks in the South Court Auditorium at the White House on Feb. 22, 2021. Jonathan Ernst/Reuters

President Joe Biden on Feb. 22 announced changes to the federal program that’s aimed to help small businesses survive the COVID-19 pandemic.

The Small Business Administration will establish a 14-day period during which only businesses and nonprofits with fewer than 20 employees can apply for loans from the Paycheck Protection Program (PPP). The period will start on Feb. 24.