eMag_January21_FINAL

GUIDE TO SMALL BUSINESS
COVID-19
Emergency
Loans
and the New Stimulus
Relief Package
Visit the CHANDLER CHAMBER RESOURCE PAGE for more assistance
CLICK HERE
After much deliberation, Congress
agreed to approve a $900 billion
COVID-19 relief package as part of
the Consolidated Appropriations
Act, 2021. Included in that amount
is $284 billion for a second round
of the Paycheck Protection
Program (PPP).
The new relief package includes:
• additional funding for new PPP
loans
• the ability to obtain a second
PPP loan for small businesses
facing significant revenue
declines in any 2020 quarter
compared to the same quarter
in 2019
• clarifications providing for
the deductibility of business
expenses paid with forgiven
PPP loans (a material change
from existing IRS guidance)
• loan eligibility for Section 501(c)
(6) not-for-profit organizations
for the first time
• $15 billion for live venues,
independent movie theaters
and cultural institutions
• $20 million for the Economic
Injury Disaster Loan Program
As 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
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. CLICK EACH
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
24 Chandler Chamber CONNECT | January 2021