(ConservativeInsider.org) – Since he took the oath of office, President Joe Biden has fumbled with how best to bring economic relief to Americans. While his latest attempt will allow easier access to loans for small businesses, it also opens up the floodgates for felons and non-citizens to cash in on the federal programs.
On Monday, February 22, the White House announced revisions to the Paycheck Protection Program (PPP). Previously, companies with a part-owner who had a recent felony or a financial fraud crime were restricted from receiving PPP funds. Now, felons and those who have defaulted on federal loans will be able to receive PPP funds as long as they’re not currently incarcerated.
Senior White House Correspondent Christian Datoc shares more:
WH unrolls 10 reforms to the Payment Protection Program to help businesses that fell through the cracks in 2020, including sole proprietors — @RealOmeedMalik and I spent most of last year talking about this, considering they make up 70% of all US bizhttps://t.co/KLiUkju1Xe
— Christian Datoc (@TocRadio) February 22, 2021
To focus on small businesses, the reforms will enact a two-week period, starting Wednesday, February 24, where only businesses with under 20 employees will be able to apply for PPP relief. This should allow independent contractors and sole proprietors to get more funding than before. In addition, the reforms will allow lawful non-citizens to receive money and attempt to address fraud and boost transparency of the programs.
While many Americans have been eagerly awaiting additional government assistance for months, these reforms also remind citizens that Biden has yet to push a COVID relief bill through Congress.
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