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Wa coronavirus relief package.
Stimulus package 2 small business. Small businesses that took a ppp loan and saw their revenues fall by 25 will be able to obtain a second loan. Keep in mind that this. The stimulus package is finally here with just days left in 2020.
The second part is relief for existing sba loan holders from a fund of 17 billion which is meant to cover six months of payments. A more detailed overview of all these measures and fact sheets are available from the australian treasury. The relief package casts a wide net with a variety of measures aimed at addressing the needs of millions of americans including those who have lost their jobs as well as small businesses.
The program stopped taking applications for the first round of. 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. Lawmakers have agreed on a 900 billion covid stimulus package december 21 2020.
The package reopens the paycheck protection program so that some of the hardest hit small businesses can apply for a second loan. The bulk of the package is 350 billion in new forgivable loans. 100 deduction for business meals for 2021 and 2022 only 100 of the cost of meals and beverages business owners have with customers clients employees and other business associates in restaurants bars and similar establishments are deductible as a business.
Demand for the popular paycheck protection program ppp has been massive since the application window opened on april 3. Here are the important parts for small business owners. The original 349 billion allocated for the ppp ran out in mid april.
It s a giant last minute bill some 5 593 pdf pages long but. For more information see second stimulus package s relief for small businesses. The legislation sets aside 284 billion towards forgivable small business loans under a new iteration of the paycheck protection program.
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