Stimulus Bill Ppp Eligibility

This is welcome news to small businesses throughout the country but as detailed below there are significant issues and uncertainties looming large over the ppp that could render many small businesses ineligible for new or second draw loans.

Stimulus bill ppp eligibility. December 28 2020. Late monday evening december 21 2020 congress passed a 900 billion stimulus bill that among other things includes some continuation of relief although modified for individuals and businesses impacted by the coronavirus covid 19 pandemic adds additional categories of allowable expenses under the paycheck protection program ppp and tackles the prior determination of the. Covid stimulus bill expands ppp eligibility for radio offers new sba loans december 22 2020 the 900 billion covid relief package approved by congress on monday will open a potential financial lifeline to broadcasters struggling with the impact of the pandemic.

Eligibility for a ppp second draw is different than eligibility for an initial ppp loan. Includes set asides to support first and second time ppp borrowers with 10 or fewer employees first time ppp borrowers that have recently been made eligible and for loans made by community lenders. The covid 19 relief bill opens the door to new aid for small businesses under the paycheck protection program ppp.

15 2021 and ppp loans from all sba. New ppp changes in the stimulus bill. People with incomes just above these levels will receive a.

11 2021 the start date for small lenders with less than 1 billion in assets was set for jan. Tax deductibility for ppp expenses. An sba loan that helps businesses keep their workforce employed during the coronavirus covid 19 crisis.

The bill also specifies that business expenses paid with forgiven ppp loans are tax deductible. Community financial institutions began making ppp loans on jan. To be eligible for a ppp second draw a business must have no more than 300 employees and demonstrate that it has experienced at least a 25 percent reduction in gross revenues between comparable quarters in 2019 and 2020.