A federal program that provides loans to businesses to help them stay afloat during the coronavirus pandemic is undergoing some changes to allow more money to be directed at small businesses that need it most.
President Joe Biden announced several revisions on Monday to the Paycheck Protection Program, which Congress approved last year as part of a nearly $2 trillion COVID-relief bill.
“Small businesses are the engines of our economic progress,” Biden said. “They’re the glue in the heart and soul of our communities. But they’re getting crushed.”