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The new coronavirus stimulus package that just passed Congress provides for certain small businesses to apply for a second Paycheck Protection Program loan through March 31, 2021. Small businesses that have already taken out a PPP loan and used up the funds may qualify for another loan through this program. Rates are fixed at 1% with a two-year term, you can apply for up to 100% forgiveness, and the loan requirements are more restrictive than the first round of PPP funding.
Congress passed a bill approving a second round of $900 billion in coronavirus relief to be issued through mid-March of 2021. In addition to more funds, the bill clarifies some very important key information for businesses. The president is expected to sign the bill into law soon.
Here is a summary of the items that are most significant to your small business.