- 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
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