Stimulus Deal Includes New Round Of Ppp Tax Relief For Small Businesses

As in the first round of ppp you can get up to your average monthly payroll in 2019 times 2 5.

Stimulus deal includes new round of ppp tax relief for small businesses. Small businesses in the u s. A new year a new life for the small business administration s paycheck protection program. Dec 21 2020 9 50am est.

In addition to the tax fix the new bill provides the following aid to small businesses. The deal allocates money for specific kinds of business owners. If passed the emergency coronavirus relief act of 2020 ecra would set aside 300 billion to the small business administration sba in loans grants and debt relief to small businesses.

Now businesses are able to get ppp loans and avail themselves of the tax credit providing they can show a reduction of revenue of 25 or more in a quarter of 2020 over 2019. For small businesses the new covid 19 assistance package includes a new round of paycheck protection program ppp funding. Once it is ready eligible quickbooks customers will be invited to apply for a ppp loan within quickbooks capital.

The new 900 billion stimulus deal includes 325 billion for small businesses and a continuation of the paycheck protection program. In addition to more paycheck protection program funds available congress passed tax relief for small businesses. 11 and will draw on 284 billion set aside for it in the 900 billion.

This would be in addition to the 138 billion that s still left from the last round of small business funding. If you are a small business owner the covid 19 stimulus package that congress passed on monday evening december 21 2020 has some very good news. We are currently working on reviewing the legislation and updating our streamlined online application process.

The program relaunched on jan. In other words if your total 2019 monthly payroll cost averaged 10 000 you. Funds for businesses that received the first round of ppp funds but can qualify for another bite at the.