[ad_1]
Former Trump senior adviser Kevin Hassett gives an overview of the upcoming stimulus package and its outlook for the economy amid inflation concerns.
The Biden administration on Monday announced plans to provide “fair relief” to small businesses affected by the coronavirus outbreak, focusing on those that may have had difficulty obtaining forgivable loans and businesses owned by minorities.
The White House released a statement saying it was building on last year’s paycheck protection program. The PPP program, which started a month ago, has increased funding for businesses with less than 10 employees by 60% as well as rural businesses which have seen a 30% increase.
The statement said that the funding that was distributed by community development finance institutions and minority depositories also increased by 40%.
The administration also announced a 14-day period starting Wednesday that allows businesses with fewer than 20 employees to take out the loans. The administration said it is not uncommon for these companies to need more time to file the appropriate documents. The statement said that the self-employed will also have a chance to benefit from greater financial support.
Biden’s team also spends $ 1 billion on sole proprietors, such as home contractors and beauticians, the majority of whom are owned by women and people of color.
Vice President Kamala Harris and Treasury Secretary Janet Yellen spoke earlier this month in a virtual meeting with officials representing some of the 140 chapters of the country’s black chambers of commerce. The appearance was part of the administration’s continued efforts to gain support for President Joe Biden’s $ 1.9 trillion coronavirus relief program.
Yellen said the country was held back by the 2008 financial crisis and the long, slow recovery from this economic downturn, with black unemployment peaking at nearly 17%, compared with 9.2% white unemployment during that time. .
“This is what economic crises do,” Yellen said. “They hit people of color harder and longer. … I fear the current crisis will do it again ”unless action is taken.
The Associated Press contributed to this report
[ad_2]
Source link