Stimulus Package Ppp Loans

Specifically previous ppp recipients may apply for another loan of up to 2 million provided they.

Stimulus package ppp loans. You can get forgiveness for this ppp loan by spending at least 60 on payroll expenses wages salaries retirement group health insurance etc and a maximum of 40 on other qualifying expenses. Have used or will use the full amount of their first ppp loan. 8 2020 the sba said.

Ppp borrowers can set their ppp loan s covered period to be any length between 8 and 24 weeks to best meet their business needs. 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. Key ppp updates for 2021 include.

Have 300 or fewer employees. Second draw loans are for small businesses with 300 employees or less that previously received a first draw loan. For loans between 50 000 and 350 000 the lender fee will be 5 and for loans of 350 000 and above the lender fee will be 3.

Ppp loans will cover additional expenses including operations expenditures property damage costs supplier costs and worker protection expenditures. The covid 19 relief package worth 900 billion includes 284 billion for the popular paycheck. The new ppp aid which congress approved last month as part of its 900 billion covid stimulus program will provide forgivable loans of up to 10 million for pandemic wracked small and.

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. An important part of this stimulus package is the prioritization. 27 the new stimulus package formally called the consolidated appropriations act 2021 the caa became law.

One section of the caa. Ppp2 loans will be available to first time qualified borrowers and for the first time to businesses that previously received a ppp loan.