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Stimulus Package

A $900 billion relief package has been passed by Congress and signed by President Trump to assist Americans and businesses through the economic impacts of COVID-19 as 2020 ends,.

As part of this package, small businesses will receive $325 billion in funding, with $284.5 billion dedicated to the Paycheck Protection Program.

Starting January 11, the Paycheck Protection Program (PPP) is available for eligible borrowers.

  •  PPP borrowers are able to set their loan’s covered period to be set between 8 and 24 weeks based on their business needs.
  • The PPP loan can be used for additional expenses, including operations expenditures, property damage costs, supplier costs and work protection expenditures.
  • Previous PPP borrowers are able to modify their First Draw PPP Loan amount and some may be eligible for a Second Draw PPP Loan.
  • Second loans are only available to businesses that can show a 25% quarterly revenue loss in 2020 compared to 2019.

Stimulus Package Key Points