The Biden Administration announced plans to deliver “equitable relief” to small businesses impacted by the coronavirus outbreak, with a focus on those that may have had difficulty obtaining forgivable loans and minority-owned businesses.
The statement from the White House declared increased funding to businesses with fewer than 10 employees. Funding which is being distributed through Community Development Financial Institutions and Minority Depository Institutions has been increased by 40%.
Beginning Wed, Feb 24, a 14-day period begins that allows businesses with fewer than 20 employees a chance to sign up for the loans. Self-employed individuals will also have a chance to qualify for more financial support.
Biden’s team is also carving out $1 billion to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.
Here is a short summary of the rules and features:
The government is offering you free money to help you and your employees get through a very tough time. They are trying to help you keep your staff employed. I want all my customers to be able to take advantage of this loan (grant).
Do not miss out on this opportunity.
Richard Byrd Jessup, President
The Immediate Resource