PPP loans

BIDEN OPENS NEW FUNDING ROUND FOR SMALL BUSINESSES WITH UNDER 20 EMPLOYEES AND SELF-EMPLOYED WORKERS: 2-WEEK APPLICATION PERIOD STARTS FEB. 24

By Miriam Raftery

Photo: CC-NC-ND

February 24, 2021 (Washington D.C.) – President Joe Biden has announced major actions and new funding to help bring pandemic relief to small businesses with less than 20 workers,  sole proprietors,  independent contractors and minority-owned enterprises.

Starting today and for the next 14 days, only businesses with less than 20 employees can apply for Paycheck Protection Program (PPP) loans, which don’t have to be repaid provided 60% of the loan is spent on payroll and the rest on other qualified expenses. This opportunity will cover 98% of all small businesses in America.

The White House is also revamping guidelines to make more business owners eligible, including those with student loan debts and business owners who are legal residents but not citizens.


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CONGRESS APPROVES $900 BILLION COVID-19 RELIEF PACKAGE: TRUMP SAYS HE WILL SIGN IT

 

Update December 21, 2020: The House and Senate have both approved the virus relief package, which is now on President Trump's desk.  If it is signed into law, stimulus checks could begin to be deposited in recipients' bank accounts starting in early January.

By Miriam Raftery

December 20, 2020 (Washington D.C.) – The four top leaders in the U.S. House and Senate have hammered out a $900 billion relief package, bringing welcome news just in the for the holidays to American households, businesses, schools and tribes impacted by the COVID-19 pandemic.

Congressional leaders tied the relief measure to a bill to fund the government and prevent a shutdown, also passing stopgap measures to fund the government over the next several days. The measure is expected to be voted on and adopted Monday; the White House has indicated that President Donald Trump is prepared to sign the measure.

It’s the first relief measure since March, despite surging cases and overloaded hospitals, new business shutdowns, unemployment benefits and eviction moratoriums set to run out at year’s end. The bipartisan measure was crafted by House Speaker Nancy Pelosi, Senate Majority Leader Mitch McConnell, Senate Minority Leader Chuck Schumer, and House Minority leader Kevin McCarthy.

WHAT’S IN THE BILL:


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Local news in the public interest is more important now than ever, during the COVID-19 crisis. Our reporters, as essential workers, are dedicated to keeping you informed, even though we’ve had to cancel fundraising events. Please give the gift of community journalism by donating at https://www.eastcountymedia.org/donate.