Today, President Joseph Biden announced immediate and significant changes to the Paycheck Protection program, as follows:
- Priority period for businesses with fewer than 20 employees for two weeks starting this Wednesday, February 24th.
- Different loan (grant) calculation for sole proprietors and a set-aside of $1 billion for businesses in low- and moderate income areas.
- Made eligible those with non-fraud felony convictions.
- Made eligible business owners with student loan defaults.
- Made eligible all lawful U.S. residents with visas or Green Cards.
Forbes magazine has more details on these breaking developments here.