2 minute read 21 Jan 2021
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How the new US government stimulus impacts entrepreneurs and private companies

By Gene Peck

US EY Private National Tax Family Enterprise Business Services Managing Director

Trusted advisor to business-owning families who are focused on building larger, more valuable businesses for next generation ownership and beyond.

2 minute read 21 Jan 2021
Related topics COVID-19 EY Private

As US entrepreneurs and private company leaders work to recover from the COVID-19 pandemic’s economic fallout, new government stimulus programs can support your efforts.

The new Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, which provides $900 billion in new COVID-19 relief funding, was signed on December 27, 2020. This Act:

  • Reauthorizes lending under the Paycheck Protection Program (PPP) through March 31, 2021
  • Revises certain PPP provisions
  • Expands the types of expenses eligible for loan forgiveness
  • Provides for a second round of loans for certain borrowers
  • Permits employers who have taken or will take advantage of the PPP to also claim the Employee Retention Credit (ERC)
  • Extends and enhances the value of the ERC through June 30, 2021

View these FAQs to learn more about the new US government stimulus package and what it means for entrepreneurs and private companies.

Summary

Provisions of the Act are complex. Our team will help you understand the programs, how they interact and what you may be eligible to receive. 

About this article

By Gene Peck

US EY Private National Tax Family Enterprise Business Services Managing Director

Trusted advisor to business-owning families who are focused on building larger, more valuable businesses for next generation ownership and beyond.

Related topics COVID-19 EY Private