Stimulus Package For Small Business

The law provides clear guidelines on what small businesses are eligible and what their loans will look.

Stimulus package for small business. Separately 1 2 billion has been made available for grants to small businesses operating within the tourism sector. The largest stimulus in u s. 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.

President trump signed the third and final economic stimulus package into law this afternoon. 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. The main areas of support relevant to small businesses to date are.

There is welcome relief for small businesses. The stimulus bill provides that these advances are tax free. Eidl loan applicants can receive emergency loan advances of up to 10 000 from the sba.

It s a giant last minute bill some 5 593 pdf pages long but fortunately you don t have to read the whole thing. Small businesses with sales of less than 50 million and which filed taxes for 2019 2020 were eligible for a 100 000 cash grant. In addition to more paycheck protection program funds available congress passed tax relief for small businesses.

The stimulus bill refunds the eidl loan program for businesses in low income communities. The government has stated that the measures are temporary targeted and scalable. Moreover ppp loan forgiveness is not reduced by the amount of such advances.

Demand for the popular paycheck protection program ppp has been massive since the application window opened on april 3. Small businesses around the country got a 370 billion lifeline in the 2 trillion coronavirus aid bill approved friday by the u s. The stimulus package is finally here with just days left in 2020.