Stimulus Package Ppp Details

This happened sunday evening around 8pm eastern time after a full week of uncertainty as to whether he would sign this law.

Stimulus package ppp details. You must use 60 of your second draw loan on payroll expenses to qualify for loan forgiveness. The new stimulus package also clears up the controversial issue of ppp deductibility and taxation. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster loan eidl grants and 11 billion to the u.

Late on december 21 2020 congress passed its latest stimulus package. The legislation includes a very favorable update to the paycheck protection program ppp for farmers and ranchers and also provides the u s. Stimulus package dec 27 2020 this evening president trump finally signed the pandemic relief bill clearing the way for long overdue help to start reaching the american people.

President trump on sunday night signed a 900 billion stimulus bill into law avoiding a government shutdown after he demanded changes to the sprawling package and held up the legislation s. 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. The bill also added a simplified one page forgiveness application for loans of 150 000 or less.

Below are details of small business provisions of the new stimulus package and as importantly. President donald trump signed on sunday evening a 900 billion pandemic relief bill into law that includes enhanced unemployment benefits and direct cash payments. On december 27 2020 president trump signed into law a 908 billion relief package.

The latest federal stimulus package not only extends the ppp program but also provides 284 billion in additional funding. While the package provides far more money for k 12 schools than the first stimulus bill in march the funds still fall short of what both sectors say they need to blunt the effect of the pandemic.