Since March, when the COVID-19 pandemic descended upon American businesses in full force, about one in three Connecticut businesses have closed, according to the Wall Street Journal. Although businesses throughout the country have b.
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On December 21, 2020, Congress approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Ventures Act. While the act still needs to be signed by the President before it becomes law, it makes some extensions and changes to the Paycheck Protection Program (PPP) established under the CARES Act. Most notably, the act provides $284 billion in additional funding for a second round of forgivable loans through the PPP for small businesses and nonprofits experiencing significant revenue losses.
Eligibility
In this second round, small businesses with no more than 300 employees that demonstrate at least a 25% reduction in gross revenue between comparable quarters in 2019 and 2020 are eligible. There is a maximum loan size of 2.5 times average monthly payroll costs up to $2 million per borrower.
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On December 21, 2020, Congress passed a long-anticipated additional round of COVID relief legislation as part of the
Bipartisan-Bicameral Omnibus COVID Relief Deal. This relief bill provides much-needed stimulus to individuals, businesses, and hospitals in response to the economic distress caused by the coronavirus (COVID-19) pandemic. The votes were overwhelming as the Senate passed the bill with a 92-6 vote and the House of Representatives passed it by a vote of 359-53. President Trump was widely expected to sign the legislation, but he has now stated that he will veto it unless the $600 checks sent to individuals are increased to $2,000. The legislation was passed by wide enough margins to override the veto, but it is not yet known if Congress will take that action. The future of the legislation remains uncertain for now. The relief bill was included as Division N of a larger legislative package that included govern
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Jeffrey D. Allred, Deseret News
SALT LAKE CITY People put out of work because of the COVID-19 outbreak are getting help just in the nick of time, as CARES Act funding is set to expire the day after Christmas.
The Utah Unemployment Insurance Division reported Tuesday that the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act will include funding to extend jobless benefits to people sidelined by the pandemic. The expiration of benefits from the Coronavirus Aid, Relief and Economic Security Act leaves thousands of Utahns without a financial safety net, but the new measure passed late Monday night offers those individuals a reprieve for at least the next 11 weeks.
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Following intense negotiations in Washington, Congress has finally approved the latest federal stimulus package as part of the Consolidated Appropriations Act, 2021, which is pending the President’s signature as of December 22, 2020. Included in the omnibus spending bill are modifications to the Paycheck Protection Program (“
PPP”) under the title the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “
Hard-Hit Small Businesses Act”). The legislation extends some of the stimulus measures enacted by the CARES Act and the Families First Coronavirus Relief Act, along with some new relief programs. Some highlights: