What Does The New Stimulus Bill Include For Small Business

The bill would extend aid to millions of struggling households through stimulus checks enhanced federal unemployment benefits aid for small businesses schools and child care as well as for.

What does the new stimulus bill include for small business. The new bill has many benefits for your small business regardless of if you ve been impacted by covid 19 or not. I know there are many concerns about the nation s national debt and ongoing impact on deficits. The nation s startup community and the 2 7 million people who work for vc backed companies are still fighting for access to the 350 billion earmarked for small business loans.

Ppp changes and the new ppp second draw loans. After months of negotiations congress on monday passed a 900 billion covid 19 stimulus package with much needed financial relief for agricultural producers funding for food assistance programs enhancements to the paycheck protection program and funding for enhanced broadband access as well as additional financial resources for agricultural research and farmer stress assistance programs. The bill would also clear up problems for paycheck protection program borrowers who took relief from a second small business administration program the economic injury disaster loan system.

As part of the stimulus package the economic aid to hard hit small businesses nonprofits and venues act the act appropriates 284 5 billion dollars to reopen the ppp loan program for first and second time borrowers and extends the program until march 31 2021. Under the new law businesses with fewer than 500 employees may apply for up to 10 million in short term loans with a maximum interest rate of 4 percent. Here are the most important provisions for small business owners.

The bill does not extend stimulus checks to adult dependents. But does not have to include the loan forgiveness amount in income. How to get a small business loan from the new ppp program.

Ppp borrower tax relief under stimulus bill it s finally happening. Congress has passed a new stimulus bill consolidated appropriations act of 2021 that contains many provisions designed to help small businesses that continue to struggle in the wake of the covid 19 pandemic. The package does not include hazard pay for essential workers.