President Joe Biden visits W.S. Jenks & Son, a Washington, D.C., hardware store that benefited from a Paycheck Protection Program loan, on March 9, 2021.
Mandel Ngan | AFP | Getty Images
Though the updates were slated to get more funding to the smallest businesses, many of which are minority- or women-owned, the timing created confusion for many. Sole proprietors, who would get more money under the new calculation formula, were particularly frustrated, especially those who missed out on bigger loans by a few days.
In addition, the $1.9 trillion American Rescue Plan, which President Joe Biden signed into law in March, awarded more funding to the SBA. The bill included $7 billion to expand PPP along with other provisions aiding small businesses.
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