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.