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    Biden to Temporarily Target PPP Loans for Small Businesses

    The Biden administration temporarily prohibits large businesses from applying for loans through a paycheck protection program, restricting applications to businesses with fewer than 20 employees, according to administration officials. It matters: The White House wants to target small businesses and make sure they are not out of the application process, as some programs were during the first round last spring. Get market news worthy of your time with Axis Markets. Subscribe for free. On Wednesday, a two-week window will open, where only businesses under the 20-employee limit will be allowed to apply. The administration wants to ensure that small businesses, which account for 44% of GDP and employ half of America’s workers, are sufficient to work with their banks and apply for loans and maintain their businesses there is time. The administration will also change certain eligibility requirements, with respect to applicants with hooliganism, outstanding student loans and precarious citizenship status. By the numbers: In a $ 900 billion relief package signed by President Trump in January, the Small Business Administration received an additional $ 284 billion to allocate to businesses. Some $ 134 billion of that pot of money is already bound. Since relief packages were passed last year, Congress has authorized $ 806 billion. In his US rescue plan, Biden is making an additional $ 7 billion offer. The latest round of funding closes in late March. More from Axios: Sign up with Axios Markets to get the latest market trends. Subscribe for free

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