Stimulus Loans For Small Businesses

Applicants will also need their payroll rental and or mortgage and utility costs on hand.

Stimulus loans for small businesses. As you recall from the cares act earlier this year paycheck protection program ppp loans were available to small businesses that had been negatively impacted by the coronavirus pandemic. Many small business owners were concerned large revenue generating. Small businesses are encouraged to do their part to keep their employees customers and themselves healthy.

Published mon jul 6 2020 11 00 am edt updated tue jul 7 2020 2 58 pm edt. The government has set aside 15 billion for initial ppp loans and 25 billion for second ppp loans for small businesses borrowers with 10 or fewer employees as well as businesses in areas deemed to be of low to moderate income. 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.

If your ppp loan was for. These pools of money will fund loans up to 250 000. Since the loan amount is based on 2 5 months of average payroll which is 10 11 weeks and since the small business can use the funds over a 24 week period it seems very likely that most small.

Below are details of small business provisions of the new stimulus package and as importantly. 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. Trump administration releases list of companies that received most money from small business bailout loans.

During the first round of stimulus in april several large companies and franchises received backlash for taking ppp loans. The program s goal is to deliver cash into the hands of small businesses with fewer bureaucratic hurdles.