SBA prioritizes smallest of small businesses in the Paycheck Protection Program

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WASHINGTON – Building on a month of results, the Biden-Harris administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to promote equitable relief for America’s small businesses. The latest round of Paycheck Protection Program funding opened one month ago, and the Biden administration made improvements to the program’s implementation including for businesses with fewer than 10 employees, the share of funding is up nearly 60% and for businesses in rural communities, the share of funding is up nearly 30%. The share of funding distributed through Community Development Financial Institutions and Minority Depository Institutions is up more than 40%. “The SBA is a front-line agency working to create an inclusive economy, foc
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