New Stimulus Package Update Ppp

Ppp eidl update december 22 2020 14 minutes read updated.

New stimulus package update ppp. 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. December 22 2 51 pm click here for a recording of the new year updates on ppp and eidl webinar that took place on. The new round of ppp or ppp2 as some are calling it contains many similarities to the first round of the ppp but also has several important differences.

Who is eligible to. After months of partisan wrangling on december 20 2020 congressional negotiators finally agreed on a new 900 billion covid relief package which includes an additional 284 billion for the. Ppp 2021 adds additional eligible expenses for forgiveness.

Your lender should provide you a link to a form soon in the new year. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. 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.

Under the new ppp program some small businesses can apply for a second ppp loan of up to 2 million. New stimulus package to include second draw of ppp loans december 22 2020 as part of an end of year pandemic relief package congress has passed several changes to the paycheck protection program ppp and created a second draw ppp for small businesses that have exhausted their initial loan. Congressional leaders have hammered out a new stimulus package that lawmakers could.

The following is a high level view of the ppp provisions. Here s who would qualify for how much and what the rules would be. Eligible second time borrowers must have no more than 300 employees.