(Washington, DC) – Today, Mayor Muriel Bowser applauded President Biden for his Administration’s reforms to the Paycheck Protection Program (PPP), which will provide additional targeted resources to more small businesses.
“Our small businesses have been incredibly resilient in the face of immense challenges, and these critical changes will get more local businesses the fair shot they need and deserve,” said Mayor Bowser. “I am grateful for President Biden’s leadership and his Administration’s sense of urgency to ensure that we do not leave our small business owners and the workers they employ behind.”
Starting Wednesday, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for PPP funding. The Biden Administration is also shifting the loan calculation formula for self-employed, sole proprietors, and independent contractors so that they qualify for more money. Additionally, the Administration is broadening access to the PPP program by allowing small business owners with prior non-fraud felony convictions, owners who are delinquent on their federal student loans, and some owners who may be non-citizen residents to apply.
“Since the start of the pandemic, DC Government has provided over $155 million in direct relief for DC small businesses. By comparison, DC businesses and organizations drew over $2 billion in Paycheck Protection Program forgivable loans in 2020,” said Deputy Mayor for Planning and Economic Development John Falcicchio. “The impact of PPP for DC businesses and thereby employees is tremendous. That’s why we are so bullish on DC businesses getting our fair share of PPP.”
During the pandemic, DC has awarded more than $155 million in relief funding to local businesses. The District’s continued efforts to meet the existing and future COVID-19-related needs of our local business community include managing and disbursing:
- The $100 million Bridge Fund to support the hotel, restaurant, retail, and entertainment industries;
- $34 million to 6,500 businesses through our DC Small Business Recovery Microgrant Program;
- $3.5 million in Streatery Winter Ready Grants;
- Over $5 million in COVID-19 relief funding to local child care facilities; and
- $793,166 to 183 businesses through the DC East of the River Small Business Economic Relief Microgrant Program.
The Bowser Administration also created PPPready.com to help guide local businesses through the PPP application process.
For more information on the Biden Administration’s updated PPP rules, please visit whitehouse.gov.