Small businesses have taken a big hit during the coronavirus pandemic, but help is on the way.
They can start asking for help this week. The Small Business Administration will start accepting applications for the Paycheck Protection Program tomorrow. The second round of the PPP was given the green light after Congress passed a bipartisan relief bill in December.
To avoid the fraud and issues from the last round, though, some changes have been made. The biggest change is that the program will focus on female and minority run companies. Only businesses with 300 or fewer employees can be eligible for the loans. The funds also can't be more than two-million dollars.
Last time, big banks handed out the money first, but that created massive fraud, so this time, smaller lenders get the first shot at helping struggling businesses.