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Stimulus Update: Lawmakers have Finalized the Next Round of $900 billion Coronavirus Stimulus Package for Small Businesses

3 Minutes

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Congress passed a $900 billion COVID-19 financial relief stimulus known as the Coronavirus Response and Relief Supplemental Appropriations Act (the “Bill”) packed with benefits for small businesses.

More than $300 billion in aid to small businesses;

? $600 direct payments to individuals making up to $75,000/year (with the possibility of an additional $1400 if the CASH Act passes).

? A $300-per-week bonus federal jobless benefit and renewal of soon-to-expire state benefits.

PPP Eligibility:

? PPP loans will be available to first-time qualified borrowers and to businesses that previously received a PPP loan.

? Previous PPP recipients may apply for another loan of up to $2 million if they have 300 or fewer employees, have used or will use the full amount of their initial PPP loan, and can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.

? Businesses may receive a loan of up to 2.5 times their average monthly payroll costs in the year prior to the loan or the calendar year, subject to the new $2 million maximum.

? The package provides restaurants and food businesses a larger loan amount of 3.5 times their average monthly payroll costs up to $2 million.

? The PPP Forgiveness application is now simplified for all loans under $150,000, and all PPP related expenses are now tax-deductible.

? This new round of PPP loans also makes covered operating costs such as software and cloud computing services and accounting needs potentially forgivable.

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