Former Trump senior adviser Kevin Hassett offers insight into the next stimulus package and its prospects for the economy amid inflation problems.
The Biden government on Monday plans to provide ‘equitable relief’ to small businesses affected by the coronavirus outbreak, focusing on those who may be struggling to get forgiving loans and businesses in minorities.
The White House has issued a statement saying it is building on the Paycheck protection program last year. The PPP program, which started a month ago, increased the financing of enterprises with less than ten employees by 60%, as well as rural enterprises which experienced a 30% increase.
The statement said that the funding distributed by community development financial institutions and minority conservation institutions had also increased by 40%.
The administration also announced a 14-day period starting Wednesday, giving businesses with fewer than 20 employees the chance to sign up for the loans. The administration said it was not uncommon for these businesses to require more time to submit the appropriate paperwork. The statement said that self-employed individuals would also have the opportunity to qualify for more financial aid.
Biden’s team is also cutting $ 1 billion to run one-man businesses, such as home contractors and beauticians, most of which are owned by women and coloreds.
Vice President Kamala Harris and Treasury Secretary Janet Yellen spoke at a virtual meeting with officials representing some of the 140 chapters of the Black Chamber of Commerce across the country earlier this month. The appearance was part of the government’s continued effort to gain support for President Joe Biden’s $ 1.9 billion coronavirus assistance program.
Yellen said the country was backed by the 2008 financial crisis and the long, slow recovery from the economic downturn, with black unemployment peaking at almost 17% from a high of 9.2% for white unemployment during that period.
“This is what economic crises do,” Yellen said. “They hit people of color harder and harder. … I am worried that the current crisis will do it again ”unless action is taken.
Associated Press contributed to this report