Economic Stimulus Package Ppp

60 of tuolumne county businesses received first round funding compared to 18 in our region.

Economic stimulus package ppp. The bill which runs over 5 000 pages expands the paycheck protection program ppp which was originally established when the cares act was enacted earlier this year the stimulus bill allocates 284 billion for new ppp loans. Leadership in congress and the administration continue to negotiate the next round. New round of ppp funding included in economic stimulus package proposals.

Below are details of small business provisions of the new stimulus package and as. The new stimulus package also clears up the controversial issue of ppp deductibility and taxation. Evening here are the important facts to remember regarding ppp with the potential passing of a new economic stimulus package in congress tomorrow monday december 21 2020.

Late on december 21 2020 congress passed its latest stimulus package. Most important the grant is first come first serve. Small businesses will benefit.

Congress and the administration continue to negotiate the next economic stimulus package including the next round of the payroll protection program funding as we get closer to the end of 2020. The bill also added a simplified one page forgiveness application for loans of 150 000 or less. The so called ppp second draw is intended to provide loans with a maximum amount of 2 million for smaller and harder hit businesses that previously applied for and received ppp funding.

You must use 60 of your second draw loan on payroll expenses to qualify for loan forgiveness. After months of partisan wrangling congress has finally agreed on a new 900 billion covid relief package. The legislation sets aside 284 billion towards forgivable small business loans under a new iteration of the paycheck protection program.

Lawmakers have agreed on a 900 billion covid stimulus package december 21 2020. As part of an end of year pandemic relief package congress has passed several changes to the paycheck protection program ppp and created a second draw ppp for small businesses that have exhausted their initial loan. Other changes include economic injury disaster loans unemployment compensation and stimulus checks for individuals.