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Some small businesses could increase PPP loan size under new Senate bill
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A bipartisan group of senators unveiled a proposal this week to allow the nation's smallest businesses to receive additional aid through the Paycheck Protection Program, a key coronavirus rescue fund that's poised to expire at the end of May.
Under the bill, introduced Tuesday by Senate Committee on Small Business & Entrepreneurship Chair Ben Cardin, D-Md., thousands of self-employed Americans could qualify for a bigger loan through the Paycheck Protection Program, the massive relief program that provides forgivable loans if businesses maintain payroll.
"Congress must pass this bill as quickly as possible so eligible small businesses have time to secure the aid they need before PPP closes on May 31," Cardin said Tuesday.
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Self-employed individuals, independent contractors and sole proprietors could request a recalculation based on gross income – potentially increasing the size of their loan.
"The Biden administration has taken steps to make PPP more useful to farmers, ranchers and sole proprietors so making the changes retroactive is a matter of basic fairness," Cardin said.