- Biden begs lawmakers to pass almost $2 trillion stimulus plan
- President bumps small businesses to the front of PPP lunch line now until March 9
Last week, Biden made a final plea to Congress to push his $1.9 trillion American Rescue Plan. Thus far, it’s been a tough sell, but lawmakers and business owners are sold on his latest order:
Businesses with 20 or fewer employees will have first draw access to apply for the second round of PPP loans from now until March 9, 2021.
This immediate support comes as a major relief to the smallest of small businesses across the country, which Biden called “the engines of our economic progress… hanging by a thread.”
He’s not wrong, either. Small businesses have taken some of the biggest hits of the pandemic. Between shutdowns and new regulations, millions of small businesses rushed for the first round of PPP loans, only to still end up short on funds almost a year after the COVID-19 outbreak began.
Announcing the new order was not without ulterior motive. Biden spoke last Monday from the White House, pleading lawmakers to pass the ARP and addressing the controversy over its high price tag: “Critics say the plan is too big. Let me ask the rhetorical question: What would you have me cut? What would you leave out?”
With $50 billion budgeted for the hardest-hit businesses, Biden’s stimulus plan promotes relief after PPP loan funds run dry (the program is currently set to expire for all prospective borrowers on March 31).
Regardless of the outcome of the ARP, these next few weeks of exclusive PPP access will prove crucial to Long Island’s abundance of local businesses. According to recent census data: “Such businesses account for more than 90% of all private-sector employers on Long Island and across the country.”
“Getting our economy back means bringing our small businesses back,” Biden said.
If you are a small business with 20 or fewer employees, visit the SBA website now to apply for your PPP loan today.
For assistance submitting your loan application, call DSJCPA at 516-541-6549 and visit our website to speak with a qualified advisor on our Coronavirus Response Team.
Associate, Creative Solutions
516-541-6549 | Email