New Stimulus Package With Ppp

The maximum limit for second draw loans is 2 million and the amount your business qualifies for will depend on your average monthly payroll in 2019.

New stimulus package with ppp. One of the largest components of the now signed second stimulus bill is 284 billion to support small business through a rebooted and revised paycheck protection program ppp lending program that. 27 the new stimulus package formally called the consolidated appropriations act 2021 the caa became law. 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. 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. 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.

As pandemic cases and deaths reached record levels congress bickered over the details of the legislation. The new ppp program will have a flexible covered period and a simplified application process. 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.

The december 2020 stimulus package adds another 284 billion to the paycheck protection program s purse and refers to the new round of loans as second draw loans. That s good news for small business owners. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2.

Whatever deal emerges a reshaped ppp will be part of it. Fortunately it contains some help for small. 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.