A New PPP Bill Passes In Congress

.attn div margin: auto; background-color: #e8f5ff; border-left: solid #2196F3 3px; padding: 30px; margin-bottom: 10px;
.attn p font-size: 18px; line-height: 32px; color: #181818 !important;
.attn li font-size: 18px; line-height: 32px; color: #181818 !important;

Update, December 28: On December 27, President Trump signed the stimulus bill Congress originally passed December 21.

Update, December 23: President Trump known as the bill a “disgrace” on December 22 while threatening to possibly veto it. House Democrats have since drafted a stand-alone bill that would answer one of the President's demands – $2,000 stimulus checks. The House is set to reconvene December 24.

Update, December 22: Congress passed the bill late into the night on December 21. It now would go to President Trump for his signature.

Original story:

After an 11th hour agreement on December 20, Congress is set to pass through a new funding bill to help smaller businesses over the US.

Most notably, the bill includes a revived Paycheck Protection Program (PPP) as well as more funding for Economic Injury Disaster Loans. The entire text of the bill was released a special afternoon of December 22.

Per an overview shared by the Washington Post, specific provisions for smaller businesses include:

$285 billion for third and fourth forgivable PPP loans.

The PPP includes “dedicated set-asides” for “very” smaller businesses and lending via community-based lenders. The set-asides include lending through Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs).

Expanded PPP eligibility for 501(c)(6)nonprofits, including destination marketing organizations, local newspapers, and TV and radio broadcasters.

$20 billion in new EIDL grants targeted toward businesses in low-income communities.

$3.5 billion for SBA debt settlement payments.

$2 billion for “enhancements” to SBA lending.

$15 billion in dedicated funding for live venues, independent movie theaters, and cultural institutions.

$12 billion in funding for CDFIs and the creation of a new “Neighborhood Capital Investment program” meant to support CDFIs and MDIs. The goal is to help businesses in low-income and minority communities weather the economic devastation born from COVID-19.

Additionally, PPP recipients can deduct the payroll costs and other expenses forgiven loans were utilised for, based on the Wall Street Journal. This benefit, that could save small businesses vast amounts of dollars, comes despite the fact that forgiven PPP loans are themselves tax-free.

Beyond small company support, the bill includes other, more general relief efforts, for example direct payment checks of $600 per adult and child and $300 per week of enhanced unemployment insurance benefits.

As of December 22, the House was likely to vote first on the bill. The Senate will then take final action, with no ability to amend the legislation like a government shutdown looms with a midnight deadline.

“We're going to stay here until we finish tonight,” Senate Majority Leader Mitch McConnell believed to reporters at the Capitol (per Bloomberg).

How To obtain your Business Ready For Another PPP Loan

will be working now on updating our PPP content to reflect the latest changes accurately. Here are some our articles that will be updated in the future: