Biden to temporarily target PPP loans to smallest businesses

• On Wednesday, a two-week window will open, where only business under the 20 employee threshold will be allowed to apply.
• The administration wants to ensure that small businesses, which account for 44% of GDP and employ roughly half of America's workers, have ample time to work with their banks and apply for loans and keep their businesses afloat.
• The administration will also change some eligibility requirements, concerning applicants with felony records, outstanding student loans and uncertain citizenship status.

By the numbers: In the $900 billion relief package signed by President Trump in January, the Small Business Administration received an additional $284 billion to allocate to businesses.

• Some $134 billion of that pot of money has already been obligated.
• Since the first relief packages were passed last year, Congress has authorized $806 billion.
• In his American Rescue Plan, Biden is proposing an additional $7 billion.
• Applications for latest round of funding closes at the end of March.