The Covid-19 Relief bill cleared its final congressional hurdle and was approved on Wednesday. The bill is expected to be signed by President Biden and could offer potential benefits for your business. Among the many provisions included in the bill are added funds for the Paycheck Protection Program as well as indirect aid via stimulus payments and unemployed benefits.
RESTAURANTS ARE THE BIG WINNER IN NEW BILL
With over $26 billion dollars in grants reserved for restaurants, bars, breweries, and other food and beverage businesses, industry groups hailed the the pending legislation which gives grants equal to the restaurants’ revenue losses up to a max of $10 million dollars. Companies cannot own 20 or more locations and most importantly can’t be publicly traded. Small restaurants will be able to take advantage of the program as well as $5 billion has been set aside for them as well.
GOOD NEWS AND (Possibly) BAD FOR Paycheck Protection Program
$7 billion dollars were also added to the already massive $800 billion allocated during the last PPP that began Jan. 11. And as of this writing, the SBA (Small Business Administration) has approved close to $680 billion in loans of nearly $1.2 trillion dollars since the program began. However, the bill did not extend the popular program which will end on March 31. Many small business advocates are asking Congress to extend the program.
More Bill Provisions
The Covid-19 Relief bill also includes money for the SBA and their education and advice programs. States will also get an influx of cash in the form of $10 billion for the SSBCI (State Small Business Credit Initiative). This program provides funds to small businesses via their respective States.
NEED LEGAL HELP FOR YOUR BUSINESS?
Uplift Law is here to help you protect you and your business. If you have any questions and or need help with starting up your business contact us today!