Second Stimulus Bill Ppp Loan

Ppp loan was.

Second stimulus bill ppp loan. You cannot get more than two. In order to qualify for a second draw ppp loan a borrower must be able to show a loss in revenue of 25 or more from at least one quarter of 2020 as compared to that same quarter in 2019. 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.

Borrowers who receive a second draw ppp loan of 150 000 or less will also be eligible for a simplified forgiveness process and the expenses you pay for using a second draw ppp loan will be tax deductible. The 900 billion stimulus bill that s headed to president trump s desk includes about 284 billion in additional funding for the paycheck protection program which offered small employers. Tyler needs a second ppp loan to keep the business going.

Here s when applications open for small business covid 19 relief. This can be your first or second ppp loan. 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.

The bill provides more than 284 billion to the u s. Ppp part deux stimulus checks and student loan assistance let s review some of the more popular provisions. Areas were often shut out of the first round of ppp funding this bill includes set asides for small.

Funds set aside for smaller businesses and underserved communities.