New Stimulus Bill Update For Small Businesses
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However this time the money is only going to small businesses less than 300 employee per physical location that have been specifically impacted by the pandemic.
New stimulus bill update for small businesses. This bill is thousands of pages long and one of the reasons it s that long is to try and make sure the money is appropriated in the right places as best as possible. Small businesses are not the only ones frustrated by the wait. The new 900 billion stimulus deal includes 325 billion for small businesses and a continuation of the paycheck protection program.
New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers. The second stimulus bill the economic aid to hard hit small businesses nonprofits and venues act has been passed by congress and signed into law by president trump. The deal allocates money for specific kinds of business owners.
As it stands now the stimulus bill requires that business owners use 60 of received ppp funds for payroll with the remaining 40 to be used on business operating expenses. The bill would provide loans for small businesses and allow for payroll tax deferment. With the recent passing of a 900 billion stimulus bill by congress individuals and small businesses that continue to be impacted by the covid 19 pandemic may soon receive some additional assistance.
Congress at last passed a second stimulus bill this week as of this. The bill authorizes approximately 285 billion for another round of the paycheck protection program that s administered through the small business administration s sba network of lenders. It s a giant last minute bill some 5 593 pdf pages long but fortunately you don t have to read the whole thing.
It also includes direct payments to some citizens a stimulus for the airline industry and increased. The 908 billion proposal includes 288 billion in small business aid such as more paycheck protection program loans and 180 billion for supplemental unemployment insurance according to a draft.
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