Stimulus Package For Ppp

The bill also added a simplified one page forgiveness application for loans of 150 000 or less.

Stimulus package for ppp. The recently introduced and much anticipated stimulus bill titled the consolidated appropriations act 2021 the act has been passed by the senate and the house of representatives and is now awaiting signature from the president. The legislation includes a very favorable update to the paycheck protection program ppp for farmers and ranchers and also provides the u s. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster.

On december 27 2020 president trump signed into law a 908 billion relief package. Congress took its time and president donald trump held it up. Ppp 2 0 and other business relief.

Blasnik cpa cgma partner. The covid 19 relief package worth 900 billion includes 284 billion for the popular paycheck protection program ppp for small businesses. Late on december 21 2020 congress passed its latest stimulus package.

The new stimulus bill will provide relief to small businesses through a new round of ppp loans hereafter termed ppp 2 0 and changes to the existing ppp program ppp 1 0. You must use 60 of your second draw loan on payroll expenses to qualify for loan forgiveness. The revised language of the 2021 ppp bill makes several types of businesses eligible for ppp loans including certain non profits and news organizations and allows for sba grant funding for eligible live venue operators or promoters theatrical producers live performing arts organization operators museum operators motion picture theatre operators or talent representatives who demonstrate a 25 percent reduction in revenues.

Special to usa today. The bill which runs over 5 000 pages expands the paycheck protection program ppp which was originally established when the cares act was enacted earlier this year the stimulus bill allocates 284 billion for new ppp loans. 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.