New Stimulus Bill For Ppp

Little has been written about whether the new law will allow ppp borrowers to deduct the expenses that they paid to receive forgiveness and many ppp borrowers will not survive if they have a big.

New stimulus bill for ppp. The bill provides more than 284 billion to the u s. 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. Small business association sba for first and second ppp forgivable small business loans and allocates 20 billion to provide economic injury disaster loan eidl grants to businesses in low income communities.

The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2. Congress at last passed a second stimulus bill this week as of this. Your lender should provide you a link to a form soon in the new year.

Changes for existing loans. The new legislation would help farmers and ranchers by allowing them to use their 2019 schedule f gross income up to 100 000 when calculating their ppp loan rather than their 2019 net income. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers.

The stimulus bill expands the utility of ppp loans for most businesses. The bill also would allow farmers and ranchers who received a ppp loan using their 2019 net income to recalculate their loan award using 2019 gross income if it would result in a larger loan amount. If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news.