New Stimulus Package Loan Forgiveness

Administration officials say the president elect still supports the move.

New stimulus package loan forgiveness. As expected the new stimulus package doesn t include any student loan forgiveness. What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions. Congress dropped student loan forgiveness from the stimulus package.

In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan forgiveness process to provide restaurants access to greater relief and to extend the program through march 2021. Senate any plans to cancel student loans were not expected to be.

The new bill extends the covered period for first draw ppp loans through march 31 2021 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 new stimulus bill now forgives up to eight months of principal and interest payments on section 7 a and 504 microloans from the sba. With republicans in control of the u s.

Biden s stimulus plan doesn t mention student loan forgiveness. Congress dropped student loan relief from the new stimulus package which means your federal student loan payments will resume after january 31 2021 interest will start accruing and student loan. In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic.

The heroes act which is a stimulus bill that house democrats passed last year would have cancelled 10 000 of student loan. Andrew harrer during the summer i wrote about a little known clause in the cares act that turned into a big savings for many small businesses that received loans from the small business administration.