Good morning,
As Congress struggles to reach a bipartisan agreement over the next stimulus package, one thing is clear: The Paycheck Protection Program will make a comeback.
And it might happen soon. The forgivable loan program targeted at small businesses could get reauthorized as early as this week, if lawmakers can coalesce around one of two proposals currently making the rounds on Capitol Hill. The pressure to act now is boiling over: Covid-19 cases are reaching stark, record-breaking numbers across the U.S., and several crisis-era programs are due to expire on December 31, including the Employee Retention Tax Credit, the Economic Injury Disaster Loan (EIDL) program, and the Federal Reserve's Main Street Lending Program.
If the PPP does get reauthorized, it’ll likely contain a series of important tweaks from its original form. For example, it’ll be more targeted: Any new funding probably would be available primarily to small businesses with 300 or fewer employees that have sustained a revenue loss of 30 percent in any quarter in 2020. And if you already received a PPP loan earlier this year, don’t worry: You might be able to apply for a second one.
Check out our story to learn the nine most important changes that you should anticipate for the next round of federal Covid aid, and how your small business should prepare for it. |
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