December 28, 2020

COVID-19 Relief Bill Contains Aid for Businesses

Lynsey Wilson

Vice President of Marketing & Events

The pandemic relief legislation, signed by President Trump on Sunday, expanded eligibility for businesses seeking loans under the Paycheck Protection Program and created a “second draw” process for small businesses who have exhausted their initial loan.

The law also makes changes to the PPP’s loan forgiveness process and how to account for the loans for tax purposes. Changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –could also benefit small businesses.

The U.S. Chamber of Commerce has created a guide to what business owners need to know about the $900 billion legislative package here.

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