Congress passed and the President has signed into law a new COVID assistance package. A summary is below. We will provide additional updates as soon as program guidelines are issued.
The Paycheck Protection Program (PPP) has been extended until March 31, 2021.
Tax issues were addressed:
Eligible uses formally expanded:
Borrower may select their covered period end date, between 8 and 24 weeks after origination
$284.45 billion has been appropriated for the new round of PPP funding:
Establishes 2nd Draw criteria:
In addition to new PPP funding, other programs receiving funding include:
Click here for a Small Business Committee Summary by the U.S. House of Representatives
Click here for a Fact Sheet by the National Restaurant Association
Click here for a Q&A for Small Business Owners from the U.S. Chamber of Commerce