Update: COVID-19 stimulus bill for small businesses
The U.S. Senate passed a $2 trillion Coronavirus stimulus bill last night designed to provide economic relief to all Americans.
The bill is with the U.S. House of Representatives and will route to President Trump for his signature; the bill is expected to get approved tomorrow.
Included in the bill is the “Keeping American Workers Paid and Employed Act,” which provides $350 billion in loans for small businesses to cover salary, wages, and benefits worth 250% of an employer’s monthly payroll, with a maximum loan of $10 million.
Businesses with fewer than 500 employees will be able to work with the Small Business Administration to get more information and apply for a loan. Loans will be forgiven for qualifying groups who use their loan to keep employees on payroll, pay rent and insurance premiums, and other guidelines in the law. Please consult your tax professional with questions.
For a copy of the details before the House of Representatives, click here. We encourage you to review the information on the Small Business Administration website and we will share more information as it becomes available.