• Cole Przybyla

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

72 views0 comments

Recent Posts

See All

Economic Stimulus Round 2 - PPP Update

Evening, Here are the important facts to remember regarding PPP with the potential passing of a new Economic Stimulus Package in Congress tomorrow, Monday, December 21, 2020. Most important, the grant

More Information on Business Reimbursement Grant

As a reminder, the County of Tuolumne has a $25,000 Business Reimbursement Grant for Coronavirus Expenses. The highlights are: Businesses and Private Non-Profits can apply Grant amount is up to $25,00