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Saturday, April 17, 2021

Biden Highlights Small-Enterprise Assist, as Issues Persist With Lending Program

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On Tuesday, the Senate confirmed Mr. Biden’s nominee to run the Small Enterprise Administration, Isabel Guzman, by an 81-to-17 vote.

Regardless of the issues, Mr. Biden was met with reward in Chester, Pa., when he visited Smith Flooring, a Black-owned enterprise that provides and installs flooring. White Home officers mentioned the store reduce payroll during the last yr, from 22 union workers to 12, after revenues declined by 20 p.c through the pandemic. It has survived, the officers mentioned, thanks partially to 2 rounds of loans from the Paycheck Safety Program, which Congress established final yr through the Trump administration to assist small companies.

“This can be a nice outfit. This can be a union store,” Mr. Biden mentioned in short remarks. Its workers, he mentioned, “work just like the satan, and so they could make a good wage, a dwelling wage.”

The house owners of Smith Flooring, Kristin and James Smith, secured their second mortgage from this system as a part of one of many Biden administration’s adjustments, which created a two-week unique interval for sure very small companies to obtain loans. They thanked Mr. Biden for his efforts and for visiting Chester.

Mr. Biden’s assist invoice, signed final week, added $7 billion to this system and funded others to assist struggling companies, together with a $28 billion grant fund for eating places. The regulation additionally put aside further cash for different reduction efforts run by the Small Enterprise Administration, together with a long-delayed grant program for music golf equipment and different live-event companies, which the company mentioned would begin accepting purposes early subsequent month.

Lenders are scrambling to hold out the administration’s adjustments to the Paycheck Safety Program and end processing a flood of purposes earlier than March 31. The American Institute of Licensed Public Accountants known as the deadline “unrealistic,” and 10 banking teams despatched a letter to lawmakers urging Congress to offer them extra time.

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