Stimulus Update Small Business Loans

Another type of loan businesses can obtain from the sba is as an economic injury disaster loan eidl.

Stimulus update small business loans. If your ppp loan was for. The total amount of money going in the fund is 349 billion. For businesses the new stimulus bill includes significant updates to the paycheck protection program ppp changes to how ppp loans are taxed tax credit eligibility changes the ability to receive grants and more.

On december 27 2020 president trump signed the 2021 consolidated appropriations act which also contained the latest stimulus relief bill part of that bill was the economic aid to hard hit small businesses nonprofits and venue act which made changes to all paycheck protection program ppp loans re opened the ppp program for new loans and allowed certain borrowers to obtain a second ppp. These are low interest 30 year loans of up to 150 000. The stimulus bill refunds the eidl loan program for businesses in low income communities.

Here are the details. The new covid 19 stimulus package may provide billions toward a second round of loans for small businesses via the paycheck protection program ppp the heals act health economic assistance. The loan limit is 2 million and the amount a small business will qualify for is determined by taking their average monthly payroll in 2019 and multiplying it by 2 5.

The law provides clear guidelines on what small businesses are eligible and what their loans will look like. This substantially increases the benefit of the ppp loan program to businesses. The new 900 billion coronavirus relief and stimulus package includes.

What you should do immediately to take advantage of these programs. Below are details of small business provisions of the new stimulus package and as importantly. A new round of covid 19 relief loans will be available after president donald trump signed the stimulus package sunday night.

But this time you get to pick the period of 2019 or the one year.