Biden changes PPP rules to help small businesses get loans/ Boule members lobbied for it

[get these nets]

Biden is changing PPP rules. For 2 weeks, only businesses with fewer than 20 employees can claim pandemic relief loans.


Feb 22, 2021

US President Joe Biden in the White House.

• Biden is changing PPP rules so that only businesses with fewer than 20 employees can claim loans.
• The restriction will last two weeks from Wednesday.
• The president is expected to formally announce the changes on Monday.
• Visit the Business section of Insider for more stories.

President Joe Biden is set to change the main US coronavirus aid program for small businesses on Monday to try to reach smaller, minority-owned businesses and sole proprietors left behind in previous rounds of aid.


Experts have said that demand for the loans is slowing as firms reopen.

When the program was launched in April, its initial $349 billion ran out in two weeks. Congress approved another $320 billion in May, but the program expired in August with about $130 billion in unused funds.

The program was relaunched in January with $284 billion in new funds from a coronavirus aid bill enacted at the end of December. A Biden administration official said that about $150 billion of PPP money was still available.

But administration officials said many minority-owned and very small businesses in low-income areas had not been able to receive aid.

The changes are designed to make it easier for businesses with no employees — sole proprietors, independent contractors, and self-employed people such as house cleaners and personal care providers — that previously could not qualify because of business cost deductions.

The Small Business Administration is set to revise the rules to match the approach used to allow small farmers and ranchers to receive aid.


The officials said the program would also set aside $1 billion for businesses without employees in low- and moderate-income areas, mostly owned by women and people of color.

The Biden administration said it would eliminate exclusions that prohibit a business owner who is delinquent on student loans from participating in the program.

Business owners with non-fraud felony arrests or convictions in the previous year are excluded from the program, but Biden administration officials said they would adopt bipartisan Senate proposals to remove this restriction, unless the applicant is currently incarcerated

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ACTUAL Fact Sheet from The White House

FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief | The White House

 

[get these nets]

2/23/21
The Biden-Harris administration has made several considerable changes to the latest round of paycheck protection program funding. They have pledged to assist the smallest businesses this time around, and those that were left behind in previous relief efforts.

Included in the updates, are significant increases in money allocated to small businesses with fewer than ten employees and additional support for sole proprietors, independent contractors, and self-employed individuals. They have also eliminated an exclusionary restriction that prevents small business owners with prior non-fraud felony convictions from obtaining relief through the Paycheck Protection Program.

Robert James, Chairman of the National Bankers Association and Ron Busby, President/CEO of the U.S. Black Chambers, Inc. spoke with Roland Martin during Monday's edition of #RMU about the Biden-Harris plan to help small businesses

 

[get these nets]

Robert James, Chairman of the National Bankers Association

@boy
Bu bu bu but the BOULE never does anything that impacts the lives of everyday Black people.


James' father is a member of Sigma Pi Phi. I'm assuming that he is, or will be a member as well.

He ,Mr. Busby, and other Black business leaders have been working with Biden's economic team to alter the PPP rules in ways that would benefit Black owned businesses. Many didn't qualify for loans under the original guidelines.

This new measure is directly because of the lobbying and advocating they've done behind the scenes.

Didn't feel comfortable posting this in the Umar vs Boule thread, but this is clearly an extension of that discussion.
==========

Robert E. James (seated) surrounded by other members of Alpha Lambda Boule

 

[Neo. The Only. The One.]

He said minority not black so I'm not gonna apply for my business

He should have said black and then maybe I would have applied

He'll learn for next time because he ain't getting none of the black coli business owners

 

[NeilCartwright]

I need to read the whole article but on the surface this is a good look.

When it opened last year they had Shake Shack franchises with 500 employees getting small business relief. Ridiculous

 

[BiggWebb79]

 

[invalid]

@boy
Bu bu bu but the BOULE never does anything that impacts the lives of everyday Black people.


James' father is a member of Sigma Pi Phi. I'm assuming that he is, or will be a member as well.

He ,Mr. Busby, and other Black business leaders have been working with Biden's economic team to alter the PPP rules in ways that would benefit Black owned businesses. Many didn't qualify for loans under the original guidelines.

This new measure is directly because of the lobbying and advocating they've done behind the scenes.

Didn't feel comfortable posting this in the Umar vs Boule thread, but this is clearly an extension of that discussion.
==========

Robert E. James (seated) surrounded by other members of Alpha Lambda Boule

I'm going to keep track, similar to your philanthropy thread, on all the equity and justice initiatives the black establishment are engaged in w/ respect to policy, healthcare, economics, education, criminal justice, etc.

 

[Still Benefited]

I mean,this is right up the black boules alley,so no suprise here really. Creating more blacks who can have succssesful businesses and be just like the white man. But quite frankly people have woken up are off that. Most of these panafricanist and boule are in the same boat.

 

[Neo. The Only. The One.]

I mean,this is right up the black boules alley,so no suprise here really. Creating more blacks who can have succssesful businesses and be just like the white man. But quite frankly people have woken up are off that. Most of these panafricanist and boule are in the same boat.

Dumbest hot take i read all month. So setting up business and becoming financially secure is "being just like the white man".

Sounds like something that a lazy nicca would say cause he don't wanna work or make nothing happen, so he uses an argument like that to make himself feel good going at sleep being dusty, staying dusty and not wanting to improve his life so he won't be dusty anymore

 

[Savvir]

Dumbest hot take i read all month. So setting up business and becoming financially secure is "being just like the white man".

Sounds like something that a lazy nicca would say cause he don't wanna work or make nothing happen, so he uses an argument like that to make himself feel good going at sleep being dusty, staying dusty and not wanting to improve his life so he won't be dusty anymore

I think that's sarcasm breh

 

[Prince.Skeletor]

I would wait for more info before celebrating.
Many positive stories came out of this admin but digging deeper you’ll see nah not that much

 

[Family Man]

I got the first draw. Didn't apply for the second draw because it requires a 25% decrease in gross revenue in a quarter.

 

[2stainz]

Dont fall for it..its trick knowledge. Democratic shills trying to turn you into business owners both sides

 

[Still Benefited]

Dumbest hot take i read all month. So setting up business and becoming financially secure is "being just like the white man".

Sounds like something that a lazy nicca would say cause he don't wanna work or make nothing happen, so he uses an argument like that to make himself feel good going at sleep being dusty, staying dusty and not wanting to improve his life so he won't be dusty anymore

You were put to sleep in regards to your consciousness by the European, like most of us were,so I don't expect for you to see it. There is no such thing as black business in a dominant white society. The money from those businesses are going right back to the Europeans banks that funds your oppression. So essentially,you are sponsoring your own oppression while making your self more "secure" than the next man if thats what you really think. White man can come shut your business down in a heartbeat like they did with covid,and ain't shyt you can do about it. These black business don't do anything for black people as a collective in reality,they are chain stores for the same brand ska "White Supremacy LLC". Now if you are starting a business to get your money straight so you can leave this country,more power to you. But the boule just want to help nikkas set up businesses so we can set up shop here,make money, assimilate and APPEAR to be on the same level as the European. Trying to get financially secure because they feel insecure to the white man. Black people have money,but this bullshyt rat race is stupid and not what we are on this planet for. Only assimilated brainwashed black people feel fulfilled by money. Ask anybody here with money and they will still tell you they are miserable,possibly depressed and or unfulfilled,if not they will be. I say all of this being worth six figures,I'm saving to get away from these crackas,not assimilation and a bedroom in the white mans house like the boule/black elitist.

 

[Neo. The Only. The One.]

I think that's sarcasm breh

See his response right above mine. It wasn't