Stimulus Round 2 For Small Business

Impact on small businesses.

Stimulus round 2 for small business. Businesses don t have to pay the loans back if they use the money for eligible expenses. The second stimulus bill extends payroll taxes for another year to january 1 2022. The gop has proposed another round of paycheck.

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. The paycheck protection program is back. In other words if your total 2019 monthly payroll cost averaged 10 000 you.

The second stimulus bill the economic aid to hard hit small businesses nonprofits and venues act has been passed by congress and signed into law by president trump. Another round of stimulus proposals packaged together by republicans in congress would give additional relief to the nation s small businesses. Between april and august the program distributed 523 billion in forgivable government backed loans to 5 2 million small businesses to help them keep.

And even entities that did get money last year can apply for second round loans of up to 2 million. After that date your business is required to pay half the taxes by the end of 2022 and the other half by the end of 2023. Reports found that only 5 of ppp loan recipients received more than 50 of the money provided in the bill most of which was directed towards larger companies.

The sba said. As in the first round of ppp you can get up to your average monthly payroll in 2019 times 2 5. This includes the following programs.