December 15, 2020
‘Twas not long until Christmas, and all through Congress
Legislation was discussed to help with this mess
A bill was drawn up by bipartisan members
In hopes of providing some relief this December
Should I keep going? No? Okay, I won’t quit my day job. In less poetic form, let’s take a look at the proposed Bipartisan COVID Relief Act of 2020. While it hasn’t passed yet, it is more than we have gotten in the last few months from Congress, and it is full of good news for small business owners.
If passed as it is currently written, an additional $300 billion is earmarked for more Paycheck Protection Program loans. And this time, those loans will be limited to small businesses with no more than 300 employees that have sustained a 30% or higher revenue loss in any quarter of 2020. It also includes plans to set aside funding to ensure smaller borrowers – those with ten or fewer employees – receive aid.
The proposed legislation also expands the list of forgivable expenses for those with loans under $150,000. It also clarifies which expenses, covered by PPP funds, are tax deductible.
I promise you guys that I am watching for any news, good or bad, on the progress of this law through Congress closer than my kids are watching for the arrival of Santa. I will pass along anything new as soon as I hear. In the mean time…
I am here if you have any questions to ask
About your small business and customers’ masks
Your past PPP loan, an employee who’s sick
Drop me a line, you just have to click!
And I should probably end by offering cheer,
Happy holidays to all and a happy new year!