Small business aid via PPP may be extended through May 31 businessinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from businessinsider.com Daily Mail and Mail on Sunday newspapers.
Wednesday, January 13, 2021
On December 27, 2020, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act of 2020 (the “Economic Aid Act”). In addition to extending the Paycheck Protection Program (“PPP”) for first time and second draw borrowers, the Act also included numerous tax provisions, some of which clarified a number of outstanding questions regarding the Coronavirus Aid, Relief, and Economic Security Act of 2020 (the “CARES Act”) and other previous United States federal stimulus programs.
While there is too much to unpack from the Economic Aid Act in a single update, the following is a brief summary of some of the primary tax provisions included in the Economic Aid Act:
Jacobs calls for second round of PPP grants thedailynewsonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thedailynewsonline.com Daily Mail and Mail on Sunday newspapers.
The text of Jacobsâ speech:
âI rise in support of extending the successful and bipartisan Paycheck Protection Program by making $138 billion in already appropriated funds available to help more businesses that are experiencing dire and desperate need. This week it was reported that almost 30% of small businesses in New York have closed for good due to the COVID-19 epidemic, and many more will face the same fate without further aid. $138 billion appropriated to the PPP is just sitting here in Washington, D.C., instead of helping our nationâs small businesses. For months we have asked the Speaker to allow a vote on H.R. 8265, which simply enables the SBA to do another round of grant awards - getting this $138 billion out on the street before itâs too late for many of these hard hit businesses. This legislation is targeted, addresses a dire need across the nation, and requires no additional federal funds. I urge the Speaker and her leadership to reconsider this tact