Biden criticizes the earlier adoption of PPP as his administration changes the rules to help smaller businesses
The Biden government has not said whether it will attempt to extend the program after the current funding tranche expires on March 31. However, Monday’s announcement signaled that finance would continue to support the program, at least in the short term, and make relatively minor changes designed to tame its excesses.
In a press conference on Monday, President Biden criticized the early introduction of the PPP because it privileged those with bank accounts at the expense of the smallest borrowers.
“When the Paycheck Protection Program was passed, many of these mom and pop businesses were put out of the way by bigger companies standing in front of the line,” Biden said, adding that the new rules are designed to ensure the program “is looking for.” Mom and pop company …