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More Relief on the Way for Small Businesses | Winthrop & Weinstine, P.A.


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A new coronavirus relief package, which includes a second round of Paycheck Protection Program (“PPP”) funds, appears to be on the horizon. Details are still being worked out on the Hill, but here are some key updates and takeaways of what business owners may expect:
New PPP Funds: As it stands as of December 18, 2020, the bipartisan proposal will include $288 billion in new funding for the PPP, and some companies will be eligible for a second PPP loan. Reports suggest that new PPP loans would capped at $2 million (compared to the $10 million cap in the initial PPP round) and that only companies with 300 or fewer employees would be eligible (down from the 500-employee limit in the initial PPP round). There are also discussions on restricting the maximum amount of funds that would be allotted for certain types of franchised or multi-unit companies, such as restaurant or hotel chains. ....

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