The $900 COVID economic relief bill passed by the U.S. Senate and House of Representatives on December 21, 2020 allocates $325 billion toward support for small businesses.
Some of the most notable highlights include:
- A total of $284 billion for additional Paycheck Protection Program (PPP) loans and $20 billion for Economic Injury Disaster Loans (EIDL) and grants.
- A $15 billion allocation for shuttered live venues, independent movie theaters and cultural institutions
- A $12 billion allocation that will be set aside for businesses in low-income and minority communities.
- Provisions for a simplified forgiveness process for PPP loans of $150,000 or less, as well as an allowance for expenses that are paid with PPP funds to be deductible for tax purposes.
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