Biden administration changes PPP rules to help reach the smallest businesses

By Katie Lobosco, CNN Updated 12:55 PM ET, Mon February 22, 2021 (CNN)The Biden administration announced several changes Monday to the Paycheck Protection Program in an effort to reach minority-owned and very small businesses that may have previously missed out on accessing loans to help weather the coronavirus pandemic. Starting Wednesday, small businesses with fewer than 20 employees will have a two-week exclusive window to apply for the funding. Bigger businesses will be blocked during that time period. MORE ON COVID-19 RELIEF Here’s what’s in the House Democrats’ stimulus relief plan Congress already approved $4 trillion in Covid relief. What happened to it? Here’s what budget reconciliation is (and why it matters for Biden’s stimulus) Here are the executive actions Biden has signed so far The administration will also change some eligibility rules, effective the first week in March. The self-employed, sole proprietors, and independent contractors can now qualify for more money. They previously were…