New Stimulus Package Update Ppp Loan

Neil hare is an attorney with the law firm mccarthy wilson llp and the president of global vision communications an agency specializing in strategic communications marketing and advertising for trade associations nonprofits.

New stimulus package update ppp loan. With the nearly 900 billion coronavirus stimulus bill being signed into law on december 27 the federal government began the process of providing new aid to businesses and individuals impacted by covid 19 disruptions. The bill authorizes another 284 billion in new ppp loans referred to as the ppp second draw loan. In addition it allows.

Lawmakers have agreed on a 900 billion covid stimulus package december 21 2020. On december 20 congress reached a deal on a new stimulus package the package included in the package is 284 billion for a second round of the paycheck protection program ppp 15. The covid 19 economic relief package has passed.

After months of partisan wrangling congress has finally agreed on a new 900 billion covid relief package. As before checks. This new package provides additional funding for those businesses that did not receive ppp money in the first round especially minority and women owned businesses.

For the latest information on the recent stimulus package register here for our third small business update event which will take place on tuesday january 19 at 2 p m. An employer cannot have more than 300 employees down from the 500 employees with the first ppp program and borrowers need to show a decline of 25 or more in revenue during any one calendar quarter in. Hawai i will receive at least 1 7 billion in estimated funding from the new 900 billion covid 19 relief package.

The legislation sets aside 284 billion towards forgivable small business loans under a new iteration of the paycheck protection program. New checks worth 600 per person yes for children too are included in the new relief package. Small businesses will benefit.

Under the new ppp program some small businesses can apply for a second ppp loan of up to 2 million. These loans go up to 2 million not the 10 million under the first ppp program. 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.