What Business Owners Need To Know About the New Pandemic Relief Package
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.
Be on the lookout for upcoming webinar sessions from the Small Business Development Center (SBDC) at UAlbany that will cover the relief bill, PPP round 2 and other timely and relevant topics.