March 31, 2021

Biden

Biden signs PPP extension into law, moving application deadline to May 31

Washington — President Biden on Tuesday signed an extension for the popular Paycheck Protection Program (PPP), which was created last year to help small businesses weather the economic fallout from the coronavirus pandemic. The deadline to apply for a PPP loan has been extended from March 31 to May 31, and the law extends authorization of loans to June 30 to give the Small Business Administration additional time to process applications.

“It is a bipartisan accomplishment,” Mr. Biden said in remarks at the bill signing at the White House on Tuesday. “Without somebody signing this bill today, there are hundreds

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Build America Bonds may be key to financing Biden infrastructure plans

Republicans and Democrats agree that the U.S. is in dire need of a major infrastructure overhaul, and at the very least, that Congress should authorize significant repairs to roads and bridges.

The fierce disagreement between the two parties begins over which provisions are worthy of running the federal deficit higher, as well as over how to finance such a massive undertaking.

And while Wall Street worries about potential increases to corporate and individual income tax rates, Democrats may soon turn to an Obama-era tool to finance their infrastructure plans: Build America Bonds.

BABs are special municipal bonds that allow states

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Biden Poised to Raise Taxes on Business and the Rich

Many liberal economists say there are good reasons to raise taxes, starting with using those funds to invest in workers and help build economic opportunity. Spending on physical infrastructure, like roads and water pipes, or on programs like education and child care that are meant to help people earn more money could help curb persistent inequalities in income and wealth. The economists also say that tax increases that are properly set up would provide incentives for multinational companies to keep jobs in the United States and not shift profits to lower-tax foreign countries.

“The purpose of the tax system is

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Biden expands ‘Obamacare’ by cutting health insurance costs

COLUMBUS, Ohio (AP) — President Joe Biden pledged Tuesday that his $1.9 trillion rescue package would build on the promise of the Affordable Care Act, the hallmark legislation of Barack Obama’s presidency that became law 11 years ago.

Biden’s COVID-19 relief law pumps up “Obamacare” premium subsidies to address longstanding problems of affordability, particularly for people with middle-class incomes. More taxpayer assistance means, in effect, that consumers who buy their own policies through HealthCare.gov will pay hundreds of dollars less out of their own pockets.

“We have a duty not just to protect it, but to make it better and

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Biden stimulus plan offers less help for small businesses

The Biden administration acknowledges that small businesses continue to face an “immediate crisis” because of the economic fallout from the coronavirus. Yet the American Rescue Plan — the $1.9 trillion emergency relief package that President Joe Biden helped push through Congress with Democratic lawmakers — provides far less support to small businesses than previous rounds of pandemic relief.

Direct aid to small businesses accounts for $50 billion of the $1.9 trillion plan, or just 2%. That’s far lower than the two previous coronavirus relief bills that lawmakers have passed. For example, the Coronavirus Aid, Relief and Economic Security (CARES)

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Biden Highlights P.P.P. Aid as Problems Persist With Lending Program

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

Despite the concerns, Mr. Biden was met with praise in Chester, Pa., when he visited Smith Flooring, a Black-owned business that supplies and installs flooring. White House officials said the shop cut payroll over the last year, from 22 union employees to 12, after revenues declined by 20 percent during the pandemic. It has survived, the officials said, thanks in part to two rounds of loans from the Paycheck Protection Program, which Congress established last year during the Trump administration

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