What Small Businesses Need to Know About the New Pandemic Relief Package – Changes to PPP and More

As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.  

Congress has also made changes to other programs – including Economic Injury Disaster Loans (EIDL Program), the Employee Retention Tax Credit, a Venue Grant program, and SBA loan programs –that will benefit small businesses. Here’s everything small business owners need to know now:  

Contents: 

How Do These Changes Impact My Existing PPP Loan? 

I Exhausted My Initial PPP Loan, How Does This Help Me? 

What If I Never Received a PPP Loan? 

Which Changes to Other Programs That May Help My Small Business Have Been Changed? 

• Expanded Employee Retention Tax Credit 
• EIDL Grants 
• Grants for Shuttered Venue Operators 
• SBA Loan Debt Forgiveness