The second stimulus bill, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, has been passed by Congress and signed into law by President Trump. While you may be hopeful that it will help your small business, you probably are also glazing over the fine print, unsure of whether you’ll actually be able to take advantage of any of the new relief.
To help, I’ve pulled out some of the key points from this bill that you should consider, as they may be relevant to you and your business—even if you’re a solopreneur or gig worker.
As happened after the CARES Act passed March 27, 2020, the Treasury Department and the Small Business Administration (SBA) will issue guidance that may change how this legislation is implemented. So use this as a starting point but don’t rely on it as the final word, or as guidance for your specific situation.1. You may be eligible for a second PPP loan
2. You may pay less taxes
3. You may request more money from your first PPP loan
4. You may get the full $10,000 EIDL grant
5. You may get a simplified forgiveness process for smaller PPP loans
Be sure to consult your accountant.
For more information and a link to the full article, click here.
Steve Niehaus, MBA, CBI, CM&AP