Key Highlights of Small Business Provisions for the Economic Stimulus Package

Afternoon All,

As we await final approval of the Economic Stimulus, I wanted to share some additional information I received regarding what to expect for business assistance in this package.

Below is a breakdown of key highlights:

Paycheck Protection Program (PPP)

• Develops a process for a small business to receive a second PPP if the small business has less than 300 employees and can demonstrate a revenue reduction of 25 percent

• Creates a simplified PPP loan forgiveness application for loans under $150,000 dollars

• Expands list of eligible expenses to include covered operations (software, cloud computing, and other human resources and accounting needs); property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance; covered supplier costs; and covered worker protection expenditures (PPE)

• Repeals the CARES Act provision that requires PPP borrowers to deduct their EIDL Advance from their PPP loan forgiveness amount

Economic Injury Disaster Loan (EIDL) Advance Program

• Extend the SBA’s EIDL Advance Grant

• Creates a process for existing EIDL Advance grantees that received less than $10,000 dollars to reapply for the difference between what they received and the maximum EIDL Advance Grant of $10,000 dollars

Grants for Shuttered Venues

• Creates a $15 billion dollar grant program for eligible venues, theaters, museums, and zoos

Debt Relief

• Provides $3.5 billion to resume the principal and interest (P&I) payments of new and existing small business loans guaranteed by the SBA under the 7(a), 504, and Microloan programs