Dear Friends,
Happy Holidays! I wanted to make sure I shared with you some resources to offer more insight into small business relief w/in the newest Congressional Relief Package just signed by the President last night.
- PDF from US House highlighting all parts of the $900 billion relief bill: Click here to access
- Specifics from this PDF:
- Continuing the Paycheck Protection Program and Other Small Business Support (Starts on Page 11)
- Creates a second loan from the Paycheck Protection Program, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million. (See page 12)
- Grants for Shuttered Venue Operators. (See page 16) Unemployment Insurance (See page 5)
- EIDL Program: $20 billion for the Targeted EIDL Advance program, of which $20 million for the Inspector General (see pages 16, 18, and more)
- Bankruptcy Provisions: Establishes a special procedure in the bankruptcy process if the Administrator determines certain small business debtors are eligible for Paycheck Protection Program loans (see page 15)
- Specifics from this PDF:
- Tampa Bay Times Article providing more background on PPP Program: Click here to access
- “The new Economic Aid to Hard-Hit Small Businesses Nonprofits and Venues Act clarifies questions about the loan process but also adds rules about applying for new loans and seeking forgiveness for old ones. The bill gives the Small Business Administration 10 days to implement the new rules so more specific rules could be coming. Until then borrowers should turn to their lenders for guidance.”
- Streamlined forgiveness process for loans under $150,000 and tax break on business expenses: Click here to read more
As always, we are here to serve and support our small businesses and nonprofit community through COVID19.
With gratitude,
Rep. Anna V. Eskamani