New Stimulus Package Ppp Rules

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.

New stimulus package ppp rules. Congress took its time and president donald trump held it up but a new stimulus package was finally signed into law on sunday night. The caa resurrects the ppp with 284 billion in new funding liberalized rules and most importantly the new second draw loan program explained immediately below. Late on december 21 2020 congress passed its latest stimulus package.

Other carve outs in the new ppp package include a ban on publicly traded companies from receiving loans. 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. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.

Small business administration unveils rules for 284 5 billion stimulus program. The new 2021 ppp language allows borrowers to elect a covered period ending at the point of the borrower s choosing between 8 and 24 weeks after loan origination. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster loan eidl grants and 11 billion to the u.

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. Fortunately it contains some help for small. In addition for loans under 150 000 there will be a simplified one page application form created by the sba and approved by congress.

Provides tax deductions and other relief. The new ppp aid which congress approved last month as part of its 900 billion covid stimulus program will provide forgivable loans of up to 10 million for pandemic wracked small and medium. 2 000 000 as the total amount of all covered loans.