Biden visits the DC hardware store that has been granted a PPP loan

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President BidenJoe Biden CNN: Bidens’ Dogs Removed From White House Federal judge rules’ QAnon shaman ‘is too dangerous to be released from prison Pelosi says Capitol riot was one of the most difficult moments of her career MORE visited a neighborhood hardware store in Washington, DC on Tuesday, which received a small business coronavirus loan to highlight his government’s efforts to prioritize assistance to the smallest businesses affected by the pandemic.

Biden visited WS Jenks & Son, located in Northeast DC, which the White House says has received a Paycheck Protection Program (PPP) loan in the past two weeks because the Biden administration limited applicants to companies with fewer 20 employees.

The Treasury Department’s funding program was instituted last year by the bipartisan CARES law. The program was popular, but faced criticism in 2020 when data showed that much of the funding in the first round of loans went to large companies, such as large national chains.

Biden met with the co-owners of the hardware store, Mike and Jerry Siegel, and the owner of a local grower, Little Wild Things Farm, adjacent to the hardware store. The grower also received a loan in the past two weeks.

Biden asked the owners what hit them hardest about the pandemic. Mike Siegel said the biggest challenge was deciding what to do with their staff, noting that the store was sending high-risk workers home when the virus hit. Siegel said the first wave of PPP loans last year helped the hardware store keep paying its workers who stayed at home.

Biden said his government changed the PPP to ensure aid went to small businesses, noting that about 400,000 people were shut down during the pandemic. He criticized the Trump administration for not getting the money to go to small businesses.

“We found out that a lot of it went to big companies that shouldn’t be eligible,” he said.

The Biden government set a 14-day period, running from February 24 to March 9, during which only companies with fewer than 20 employees could ask for help through the popular credit program. The special period ends on Tuesday, and companies seeking PPP loans must apply by the March 31st deadline.

The Biden administration has also made other changes to the program, such as changing the formula for calculating loans for the self-employed and lifting the restrictions for those who have defaulted on their student loan or who have previously been convicted of non- anti-fraud. to the smallest and minority-owned businesses.

Bharat Ramamurti, deputy director of the White House National Economic Council, told reporters later Tuesday that Biden’s government has seen a “significant increase” in the number of loans being made to the smallest business, new entrants, and women. and minority groups. own companies since the changes.

More specifically, Ramamurti said the government has approved more than 300,000 loans to companies with fewer than five employees, representing an increase of 15, and nearly 200,000 loans to new PPP borrowers, representing a 25 percent increase, during the year. period of two weeks.

Ramamurti said there is also a 14 percent increase in loans to women-owned businesses, a 20 percent increase in loans to minority-owned businesses, and a 12 percent increase in loans to rural businesses.

Tuesday’s brief visit comes as the House is poised to pass Biden’s $ 1.9 trillion coronavirus contingency plan on Wednesday after it passes the Senate. The bill provides for an additional $ 7.25 billion for the PPP, $ 28 billion in funding for a new restaurant subsidy program and other amenities to help businesses affected by the pandemic.

– Updated at 1:50 PM

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