Stimulus Package Update Ppp Loan

Latest covid related stimulus package includes revised ppp loan.

Stimulus package update ppp loan. 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. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for. What s in the stimulus package for small businesses ppp loans and cultural grants.

The following summarizes the paycheck protection program ppp 2 provisions of the new stimulus law. The new covid 19 stimulus package may provide billions toward a second round of loans for small businesses via the paycheck protection program ppp the heals act health economic assistance. Key ppp updates for 2021 include.

A second ppp loan the other good news is that the new bill offers a second ppp loan for companies with fewer than 300 employees who suffered a 25 drop in any quarter s revenue from 2019 to 2020. The bill includes more than 284 billion for first and second forgivable paycheck protection program loans expanded ppp eligibility for nonprofit organizations and news outlets and modifications. So more small businesses may take advantage of this relief package.

December 29 2020 the consolidated appropriations act of 2021 has been signed into law by the president. Start your ppp loan application now. New funding new rules simplified application.

Ppp 2021 284b stimulus package. On october 8 2020 the sba along with the treasury department issued new guidance allowing borrowers with ppp loans of 50 000 or less to self certify they used the money appropriately and.