Biden makes announcement on aid for small businesses

WASHINGTON, D.C. (CNN) – The Biden administration is opening COVID relief to more businesses.

It announced an expansion of the Payment Protection Program designed to help minority-owned and very small businesses.

Starting Wednesday, businesses with fewer than 20 employees will have an exclusive two-week window to apply for funding.

Then, in March, new rules will enable some businesses previously excluded from the program to participate.

Those include self-employed people, sole proprietorships and independent contractors.

The program will also open to business owners with non-fraud related felonies, those delinquent on federal student loans, and some non-citizen residents.

The PPP program is designed to assist businesses impacted by pandemic lockdown measures.

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