The Biden administration has not said whether it will seek to extend the program after the current tranche of funding expires March 31. The Paycheck Protection Program is a subsidized loan program meant to see small businesses through temporary closures and revenue shortfalls caused by the coronavirus pandemic. An new release published Monday by the Small Business Administration credited the Biden administration with several improvements to the loan distribution. Although small businesses still have another five weeks to apply for PPP loans, the changes announced Monday may ultimately have a relatively small impact on the program. ADADThe loan program has approved roughly 6.8 million loans worth about $648 billion since it started in April.

Source: Washington Post February 22, 2021 10:01 UTC