Stimulus For Small Business Rules
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The law has created two set asides 15 billion for initial ppp loans and 25 billion for second ppp loans for small business borrowers with 10 or fewer employees and businesses located in low to moderate income lmi areas for loans up to 250 000.
Stimulus for small business rules. The initial stimulus fund for small businesses the paycheck protection program reached its nearly 350 billion cap less than two weeks after the program was launched. In addition to more paycheck protection program funds available congress passed tax relief for small businesses. A new round of paycheck protection program ppp loans more permissive rules on deducting expenses that were paid with ppp loan funds.
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. There is welcome relief for small businesses. Ppp changes and the new ppp second draw loans as part of the stimulus package the economic aid to hard hit small businesses nonprofits and venues act the act appropriates 284 5 billion dollars to reopen the ppp loan program for first and second time borrowers and extends the program until march 31 2021.
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