Ppp In Stimulus Bill

Small business association sba for first and second ppp forgivable small business loans and allocates 20 billion to provide economic injury disaster loan eidl grants to businesses in low income communities.

Ppp in stimulus bill. The good news for most ppp borrowers is that the proposed bill allows for the deduction of these expenses and for loan forgiveness to not be included in income. Coronavirus relief bill revives ppp loans to aid struggling businesses. Previously under sba rules farmers participation in the ppp was based on 2019 net farm profits or losses reported on irs form schedule f profit or loss from farming.

The 900 billion stimulus bill that s headed to president trump s desk includes about 284 billion in additional funding. By erin arvedlund the philadelphia inquirer. Stimulus checks for those.

It s essentially an updated version of the second draw ppp loan program that was included in the heals act. 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. The so called ppp second draw is intended to provide loans with a maximum amount of 2 million for smaller and harder hit businesses that previously applied for and received ppp funding.

The bill provides more than 284 billion to the u s. Provides tax deductions and other relief. See bkd article congress expected to pass phase 4 covid 19 stimulus bill for a summary of other stimulus details.

The new law bars publicly traded companies from seeking ppp funds. Small businesses that have been hit particularly hard by government shutdowns or slowed sales would be eligible for another round of funding through the paycheck protection program ppp. Based on 2017 irs data 37 percent of self employed farmers would have not received a loan from the ppp because of reported net losses in the prior year.

2019 also was not a good year for self employed. Because the smallest businesses and those located in low and moderate income areas were often shut out of the first round of ppp funding this bill includes set asides for small businesses with. Congress finally passed further covid relief and it potentially bodes.