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Guide to Small Business COVID-19 Emergency Loans What small businesses need to know about the new pandemic relief package December 22, 2020 | US Chamber of Commerce A s part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan
Contents: • How Do These Changes Impact My Existing PPP Loan? • I Exhausted My Initial PPP Loan, How Does This Help Me? • What If I Never Received a PPP Loan? • Which Changes to Other Programs That May Help My Small Business Have Been Changed? • Expanded Employee Retention Tax Credit • EIDL Grants • Grants for Shuttered Venue Operators • SBA Loan Debt Forgiveness continued on page 8
forgiveness process, and the tax treatment of PPP loans. Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s everything small business owners need to know now:
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The Business Review | January 2021
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