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.
The SBA and Department of Treasury will be working as quickly as possible to clarify and implement the policies, procedures, mechanisms, and timelines needed for the newly passed COVID-19 legislation. Then, guidance has to be formulated based on that. This process can take days or even weeks. We will be sending out more information to you as this process continues.
The following link from the US Chamber of Commerce answers many of the questions you may be having.
https://www.uschamber.com/sbloans
If you have any questions or require any assistance during this time, do not hesitate to reach out to EAC’s Small Business Development Center offices.