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The program s goal is to deliver cash into the hands of small businesses with fewer bureaucratic hurdles than in the sba s existing loan programs.
Stimulus loan for small business owners. What you should do. Between april and august the program distributed 523 billion in forgivable government backed loans to 5 2 million small businesses to help them keep paying their workers through the pandemic s. Businesses with fewer than 300 employees.
Additionally definitions of what constitutes a small business were loose meaning many larger companies took funding that threw the ppp s purpose into chaos. Health and government officials are working together to maintain the safety security and health of the american people. The new stimulus package includes a second ppp loan that aims to get funding where it needs to go.
There is welcome relief for small businesses. In addition to more paycheck protection program funds available congress passed tax relief for small businesses. This ppp loan is designed for.
The economic injury disaster loan eidl is a loan up to 2 million available to small businesses with 500 or fewer employees and independent contractors and sole proprietors with a 10 000. Out there regarding the new stimulus and still of a lot of. In case you missed the details of what the act provides small business owners.
The coronavirus stimulus package also provides. Fortunately it contains some help for small business owners and the self employed. 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.
For a second ppp loan for certain businesses. In march congress passed the 2 trillion dollar coronavirus aid relief and economic security cares act a stimulus package that includes several programs aimed at small businesses impacted by the covid 19 outbreak. Demand for the popular paycheck protection program ppp has been massive since the application window opened on april 3.
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