New Stimulus Bill Update Ppp

The 900 billion covid 19 relief package passed monday provides 284 billion for a revised paycheck protection program ppp and clarifies that businesses can claim tax deductions for expenses paid for with forgiven ppp loans.

New stimulus bill update ppp. The bill would expand the ppp program to allow some businesses to receive an additional loan. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. In december 2020 the federal government passed a new 900 billion stimulus that includes 284 billion in additional paycheck protection program ppp funding for small businesses.

Congress at last passed a second stimulus bill this week as of this. The new bill extends the covered period for first draw ppp loans through march 31 2021. Certain existing ppp borrowers are now eligible to apply for a second draw ppp loan.

This applies to ppp loans made before on or after the date of the enactment of the new bill including the forgiveness of these loans. The second loan called a ppp second draw loan is targeted to smaller and harder hit businesses. This is the largest bill ever passed by congress at over 5 500 pages.

22 dec 2020 new stimulus bill and ppp updates. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers. 22 2020 congress passed the latest covid 19 relief bill.

New stimulus bill brings ppp aid tax relief to small business. The 900 billion stimulus bill that s headed to president trump s desk includes about 284 billion in additional funding for the paycheck protection program which offered small employers. Dec 22 2020 by anita campbell in small business news 2.

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.