Paycheck Protection Program (PPP) for Businesses

 

New COVID-19 relief package includes additional $284 billion for Paycheck Protection Program (PPP)

The package passed in December 2020 provides additional funding for businesses that did not receive PPP money in the first round. It also allows businesses a second chance at PPP money if they can show losses of 25% or higher in 2020 over their 2019 revenue. The new law allows for the deductibility of expenses paid for under PPP funds.

See the PPP second draw program rules for details.

Check the Small Business Administration’s PPP page and Treasury Department’s CARES Act page for additional information as it becomes available.

Additional information on the COVID-19 Economic Relief Bill can be found here.

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