New Stimulus Package Update For Small Businesses

While some relief is immediate some updates last through 2022.

New stimulus package update for small businesses. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan. It s a giant last minute bill some 5 593 pdf pages long but fortunately you don t have to read the whole thing. The stimulus package is finally here with just days left in 2020.

Congress took its time and president donald trump held it up but a new stimulus package was finally signed into law on sunday night. While the new relief package is surely welcomed by small businesses and is much needed it remains to be seen if the money will go to the small businesses that truly need it to survive or the same. The package will extend aid to millions of struggling households through stimulus checks enhanced federal unemployment benefits and money for small businesses schools and child care as well as.

The initial stimulus fund for small businesses the paycheck protection program reached its nearly 350 billion cap less than two weeks after the program was launched. Congress has passed a new stimulus bill consolidated appropriations act of 2021 that contains many provisions designed to help small businesses that continue to struggle in the wake of the covid 19 pandemic. The agreement sets aside 285 billion for additional loans to small businesses under the paycheck protection program renewing the program created under the initial stimulus legislation.

Second stimulus package s relief for small businesses by stephen fishman j d.