Small Business Stimulus Money Requirements

According to marketwatch the small business administration will oversee the paycheck protection program to distribute the money that can be partially forgiven if the companies meet certain.

Small business stimulus money requirements. In march congress passed the 2 trillion dollar coronavirus aid relief and economic security cares act a stimulus package that includes several programs aimed at small businesses impacted by the covid 19 outbreak. One choice is the combination of claiming tax credits and deferring payroll tax. House of representatives passed the bill two days later by a vote of 388 5 with one abstention.

Additionally you won t be required to submit any additional records. Exact requirements vary by lender but applicants will generally need copies of their payroll records. Many small businesses have lousy records but you re going to have to certify at least a 25 drop in gross revenues.

Another key change for ppp loans in the new stimulus is that the bill relaxes requirements to have small loans forgiven which qualify as loans of 150 000 or less. Small business owners have to navigate through the coronavirus aid relief and economic security cares act. Many lenders will also request the business s 2019 tax return and documents like articles of.

The simplified process will apply to more than 85 percent of ppp loans that is to the some 4 5 million out of 5 2 million. The senate passed the bill via unanimous consent on april 21 and the u s. Per the bill s language any small business 500 or fewer employees unless otherwise stated by the small business administration that s independently owned and operated and not a dominant player in its field is eligible to receive up to 10 million.