Will New Stimulus Package Include Ppp

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.

Will new stimulus package include ppp. 284 billion of 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 stimulus package will expand the ppp loan forgiveness program to include more eligible expenses such as supplier goods necessary to operate some business operation expenses materials.

In the bill 284 billion of the 900 billion stimulus package has been appropriated for ppp 2 0. 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. New funding new rules simplified application.

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. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. 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.

Changes for existing 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. Key ppp updates for 2021 include.

One of the largest components of the now signed second stimulus bill is 284 billion to support small business through a rebooted and revised paycheck protection program ppp lending program that. In this 4 minute read. December 29 2020 the consolidated appropriations act of 2021 has been signed into law by the president.

On december 27 2020 president trump signed into law a 908 billion relief package. The small business administration sba has 10 days to issue guidance on the application process. The stimulus bill allocates 284 billion for new ppp loans.