Stimulus Loans For Small Businesses Rules

Health and government officials are working together to maintain the safety security and health of the american people.

Stimulus loans for small businesses rules. Assuming a business meets those requirements loans will now be capped at 2 million down from 10 million in round one or 2 5 months of payroll except for hotels and restaurants which can. You can get forgiveness for this ppp loan by spending at least 60 on payroll expenses wages salaries. 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.

Signed into law by president trump on friday the package authorizes the small business administration to offer 100 guarantees for up to 349 billion in loans for small businesses that need to. The new bill also dramatically simplifies the application for loans under 150k. To qualify for a second draw ppp loan a small business must have 300 employees or less down from the original 500 employee maximum in the first round.

President trump signed the third and final economic stimulus package into law this afternoon. Small businesses are encouraged to do their part to keep their employees customers and themselves healthy. These pools of money will fund loans up to 250 000.

The new ppp aid which congress approved last month as part of its 900 billion covid stimulus program will provide forgivable loans of up to 10 million for pandemic wracked small and. The law provides clear guidelines on what small businesses are eligible and what their loans will look.