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President Joe Biden early Monday announced a series of changes to the Paycheck Protection Program designed to make the program more accessible to underserved borrowers. The changes:
- tarting Wednesday, only businesses with fewer than 20 employees can apply for loans for a two-week period.
- The way loans are calculated will be revised so businesses without employees get more relief. The previous calculation — based on payroll — made the program ineffective for sole proprietors and independent contractors, including many businesses of color. The Biden administration also will set aside $1 billion in PPP loan funds for businesses without employees in low- and moderate-income areas.
- The elimination of an exclusion that prevents business owners with non-fraud felony convictions from accessing the program.
- The elimination of an exclusion that prevents business owners who are delinquent on federal students loans from accessing the program.
- Non-citizen small-business owners who are lawful U.S. residents will be able to apply for loans using individual taxpayer identification numbers.
PPP, the Small Business Administration’s principal pandemic-relief program, is scheduled to run through March 31.
Oakland’s Measure FF, a voter-enacted ballot measure passed in November 2014, provides annual increases to Oakland’s Minimum Wage based on the local Consumer Price Index (CPI). Effective January 1, 2020, the rate rises 34¢, from $13.80 to $14.14 per hour. For more information visit oaklandca.gov/minimumwage.