New Stimulus Loan Program

The pitch is that you re pre approved for a loan valued at up to 250 000.

New stimulus loan program. Similar to the original ppp loan program the small business can use. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers. You can apply for a new ppp forgivable loan whether or not you received one before.

While the ppp faced criticisms last year for providing loans to larger businesses that had better ties to banks the program. The new stimulus package includes a 600 stimulus check for each individual taxpayer with an adjusted gross income of 75 000 or less or. Congress passed 284 billion for another round of paycheck protection program loans.

Provides tax deductions and other relief. The 900 billion covid 19 stimulus bill of december 2020 improves the paycheck protection program ppp2. In addition for loans under 150 000 there will be a simplified one page application form created by the sba and approved by congress.

The ppp provides for forgivable loans small businesses may use to pay their employees during the covid 19 crisis. Like stimulus checks and increased unemployment benefits the ppp is one of the economic lifelines federal stimulus laws have created to help families and businesses weather the economic storms the pandemic has caused. Bureau of engraving and printing in 2017.

The new stimulus aims at better distribution of ppp loans. The new stimulus bill now forgives up to eight months of principal and interest payments on section. The new 2021 ppp language allows borrowers to elect a covered period ending at the point of the borrower s choosing between 8 and 24 weeks after loan origination.

Use your 600 stimulus check to pay off student loans. Again this is still forthcoming but is. Besides ppp there s another forgivable loan program for small businesses thanks to the new stimulus bill.