Do you own, manage or work for a small business? If so, you should be aware of the Paycheck Protection Program (“PPP”) loans made available by the recent stimulus package. On December 27th, 2020, the President signed the “Consolidated Appropriations Act” (“Act”) into law. Of the $900 billion included in the COVID relief package, $284 billion is designated to assist small businesses. The Act provides another opportunity for small business owners to obtain PPP loans to assist during these difficult times. First time borrowers, as well as businesses who previously received PPP loans, can apply. Second time borrowers may be eligible for a loan amount up to $2 million if they have less than 300 employees, have used or will use their full amount of their initial PPP loan, and can show a 25% revenue decline in Q1, Q2, or Q3 of 2020 compared to the same quarter in 2019. The Act also includes an extended “covered period” for loan forgiveness, an expanded definition of “covered expenses,” and more borrower benefits. If you are interested in applying for a PPP loan, call the Business Law Group today and speak to an attorney who can help you and your business.
Get in touch with our team!
Looking for legal help? Look no further. Fill in our form below and we will be in touch with you to see how we can be of service.