Stimulus Package Ppp Program

On december 27 2020 president trump signed into law a 908 billion relief package.

Stimulus package ppp program. After months of disagreement congress finally approved a second stimulus package on december 20. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster. The covid 19 relief package worth 900 billion includes 284 billion for the popular paycheck.

If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. The maximum limit for second draw loans is 2 million and the amount your business qualifies for will depend on your average monthly payroll in 2019. If you got a ppp loan in the first round you can get a second draw ppp loan provided your business does not employ more than 300 employees has used or will use the full amount of the first ppp and can demonstrate at least a 25 percent reduction in gross receipts in the first second or third quarter of 2020 relative to the same quarter in 2019.

Congress passed 284 billion for another round of paycheck protection program loans. Stimulus package expands ppp simplifies loan forgiveness and adds disaster grants. What s in the stimulus package for small businesses ppp loans and.

There is welcome relief for small businesses. You can apply for a new ppp. The legislation includes a very favorable update to the paycheck protection program ppp for farmers and ranchers and also provides the u s.

The december 2020 stimulus package adds another 284 billion to the paycheck protection program s purse and refers to the new round of loans as second draw loans. In addition to more paycheck protection program funds available congress passed tax relief for small businesses.