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Non-Tech : Kirk's Market Thoughts

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Dec 23 3:59 PM EST

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From: Kirk ©	2/22/2021 10:50:23 AM
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Unintended Consequences.... What could go wrong when you allow felons to apply for loans and discriminate based on skin color or reproductive equipment for who will get these loans? Economy Revising PPP rules The Treasury Department under the Biden administration is making targeted changes to the Paycheck Protection Program. For two weeks starting on Wednesday, the Small Business Administration will only accept applications for forgivable PPP loans from firms with fewer than 20 employees in an attempt to direct more funding toward smaller, minority-owned firms. The program will also set aside $1B for businesses without employees in low- and moderate-income areas, but that are 70% owned by women and people of color. Other terms: The SBA will provide new guidance making it clear that U.S. residents who are not citizens, such as green card holders, cannot be excluded from the program. It will also eliminate exclusions that prohibit a business owner who is delinquent on student loans from participating. Other planned changes include allowing broader access to the program for applicants with non-fraud felony convictions. While the PPP resulted in a drop in the unemployment rate last summer, its limitations became clear when many recipients conducted mass layoffs as soon as their loans expired. Some controversy also ensued surrounding the program's broad eligibility criteria, which allowed publicly traded companies, fast-food chains and some small wealthy businesses to benefit from funding. The Biden administration has not said whether it will seek to extend the program after the current tranche of funding expires on March 31. Statistics: The loan program approved a total of 5.3M loans worth about $521B over the course of 2020, of which 1.7M (or $151B) were forgiven. An additional 1.8M in PPP loans totaling $133.5B have been approved so far in 2021, according to data from the Small Business Administration. Most of them were "second-draw" loans granted to businesses that already received loans last year. seekingalpha.com

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