New Stimulus Package Update Ppp Loan

The 900 billion covid 19 relief package passed monday provides 284 billion for a revised paycheck protection program ppp and clarifies that businesses can claim tax deductions for expenses paid for with forgiven ppp loans.

New stimulus package update ppp loan. Certain existing ppp borrowers are now eligible to apply for a second draw ppp loan the new bill extends the covered period for first draw ppp loans. The new ppp loan and small business provisions in the stimulus package can help businesses in the short term but much more assistance is needed. Eligible second time borrowers must have no more than 300 employees.

In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic. This new package provides additional funding for those businesses that did not receive ppp money in the first round especially minority. In this new act congress is purposefully choosing to give ppp borrowers the same tax break that mr.

New funding new rules simplified application in this 4 minute read. Ppp loan forgiveness the ppp program closed on august 8. Gilitz received by not expanding section 108 to include ppp loans.

Under the new ppp program some small businesses can apply for a second ppp loan of up to 2 million. What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions. The small business administration.

The following summarizes the paycheck protection program ppp 2 provisions of the new stimulus law. Ppp 2021 284b stimulus package. New stimulus package fixes ppp loan confusion jim johnson tweet share share email more print washington while the 600 stimulus payments to individuals took center stage in the latest covid 19 relief package a wide range of other benefits are.