Biden announces changes to PPP loan program

The new program will allow businesses with less than 20 employees to apply for loans.
1:47 | 02/22/21

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Transcript for Biden announces changes to PPP loan program
Since beginning this pandemic 400000. Small businesses have closed 400 house. And millions more are hanging by a threat today. I'm announcing additional changes to the PPP program. That will make sure. We look out for them mom and pop business even more than we already have. The pay check protection program is a bipartisan. Effort. Democrats Republicans help passes. But Democrats Republicans have also voiced concerns. About improving. We're very put. That's what we're doing in our administration for read. In the last month we've increased the share of funding. For small businesses and fewer than ten employees. By nearly 60%. For businesses in rural communities. The share of funding is up nearly 30%. Secure ago office it's my hope. My hope that as Democrats or Republicans who backed the PPP program. That Democrats Republicans will back the American rescue. The vast majority of the American people. More than 78%. Of the American people. Including a majority Republicans. Want us to act based on all the point and act big and act quickly. I understand we're not going to get our economy back in shape millions of people back to work until we beat this virus. Getting our economy back. He's bringing our small businesses back. That's what we're gonna do. That's what I'm doing today. Focused. Program and is in the march for the next two weeks. The only folks who can apply for that PPP money. Our businesses with fewer than twenty employees.

This transcript has been automatically generated and may not be 100% accurate.

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