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In response to the continued market disruption and economic impact of the COVID-19 pandemic, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, or the Act, on December 21, 2020 as a part of the Consolidated Appropriations Act, 2021, which provides additional funding to small businesses under the Paycheck Protection Program, or PPP, allows eligible borrowers to receive a second draw loan, simplifies loan forgiveness for loans under $150,000 and classifies forgiven PPP loans as tax deductible.
The Act provides for an additional $284 billion of funding for additional PPP loans through the Small Business Administration, or the SBA, and allows the hardest-hit small businesses to receive a second draw forgivable PPP loan. In order to be eligible for a second draw loan, the small business must (i) have received a PPP loan; (ii) used or will use the full amount of the existing PPP loan on or
SALT LAKE CITY As scores of small businesses across the nation struggle to stay afloat, some desperately needed financial help is finally on the way.
Congress late Monday approved the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act a $325 billion aid package that was part of overall COVID-19 relief spending and is aimed at providing long-awaited additional assistance to the worst-suffering local businesses, not-for-profit organizations and entertainment facilities that continue to struggle to rebound from the effects of the coronavirus pandemic. Last time, it was a huge help. I was able to keep my staff on for another month-and-a-half. Unfortunately after that funding ended I had to let most of them go, said Molly Kohrman, owner of Brownies! Brownies! Brownies! in Sugar House, who applied for loans from the Coronavirus Aid, Relief, and Economic Security Act in the fall. I had seven staff pre-pandemic. I m now down to two and I ll probably be down to one
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.
Wednesday, December 23, 2020
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 is expected to sign the legislation into law. The relief bill was included as Division N of a larger legislative package that included government funding and other bills. The complete text of the legislative package can be found here, and it was the result of last-minute frantic negotiations. Below is a detailed summary of every provision of the COVID relief bill. You can find our Top 10 takeaways summary here.
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The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act passed yesterday includes language allowing health care providers to utilize Health & Human Services’ June 2020 guidance to calculate “lost revenues” for purposes of the Provider Relief Fund.
HHS significantly changed that guidance this fall leaving many providers concerned they may have to return relief funds. The new legislation will allow providers to calculate “lost revenues” based on the guidance provided by HHS in a June 2020 Frequently Asked Questions article. The legislation specifically references the ability of providers to calculate “lost revenues” based on comparing actual revenues to budgeted revenues as long as the provider’s budget was in place prior to March 27, 2020.