$ 900 billion coronavirus relief, stimulus package offers help to small businesses
MONROE, Louisiana (KNOE) – A new round of COVID-19 relief loans will be available after President Donald Trump signed the stimulus package on Sunday night.
The new $ 900 billion coronavirus relief and recovery plan includes an extension of last spring’s paycheck protection program.
It provides an additional $ 284 billion in federally guaranteed repayable loans to struggling small businesses.
Louisiana Senator Bill Cassidy says that a difference to the latest round of loans is that this one has a narrower focus.
“If your business did better like the law firms that took PPP last time around, but this time they did better… or the hardware stores. They did well. Everyone has reshaped. You will not qualify, ”said Senator Cassidy.
As in the last round, if you use 60% of the money for staff costs, the loan will be canceled. He says it’s really important that you prove that your business has lost. You need to be able to demonstrate that your business has experienced a quarterly decline in gross revenue of at least 25% this year compared to a quarter last year.
“You have to show that you’ve lost money year after year to qualify for the second round of the PPP.”
Senator Cassidy also says the list of additional expenses eligible for loan cancellation is also new, including money spent on employee personal protective equipment or adding drive-thru or seating. outside in a restaurant.
If a business does not qualify for the Paycheck Protection Program loan, Senator Cassidy says there are other things in the package, including low interest Small Business loans. Administration that come with six months without payment.
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