• As we keep our eyes open for further details regarding the new federal funding opportunities for small businesses, I wanted to share some information provided by the Small Business Development Center (SBDC) on important updates on the second stimulus bill. Please see attached PDF here.

• In addition, SBDC will be hosting several free webinars where they will go over the updates on PPP and Covid relief programs in more detail. For those interested in receiving more information, I highly encourage you to attend. Here is the link for registration: https://www.nhsbdc.org/events.

• I also wanted to mention that the Small Business Administration (SBA) hosts webinars every Wednesday where they go over the latest updates on programs and resources. Please find sign-up instructions here.

• Lastly, here is a brief overview of the federal relief stimulus programs:

• Widened PPP allowable use to PPE and space retrofitting, expenditures to suppliers that are essential at the time of purchase to the recipient’s current operations, covered operating costs such as software and cloud computing services and accounting needs.
• Provides $284 billion in additional funding for the Paycheck Protection Program for businesses with less than 300 employees and revenue losses of at least 25% in any quarter. 
• Expenses that are forgiven through PPP will be tax-deductible.
• Streamlines PPP forgiveness for loans under $150,000 with a one-page certification document
• Expands PPP eligibility to small nonprofits and 501(c)(6) organizations. This includes Chambers of Commerce with limited lobbying activity.
• Provides additional funding for those businesses that did not receive PPP money in the first round, especially minority- and women-owned businesses.
• A change in the PPP program funding formula that would allow restaurants and hotels to qualify for higher loan amounts.
• Ensures PPP and EIDL funds are fully deductible and do not count towards the gross income of a business
• $20 billion for targeted grants through the Economic Injury Disaster Loan program through the Small Business Administration (SBA)
• Allows borrowers to apply for PPP and EIDL simultaneously so long as EIDL is used for non-payroll expenses
• SBA loans will be paid by the SBA, capped at $9K/mo. Current guidance says 3 months beginning in February, some businesses may get an additional 5 months. No application process needed.
• Extends unemployment lift of $300, including gig workers.
• Emergency rental aid and an extension of the national eviction moratorium through Jan. 31, 2021.
• $15 billion grants for live venues, independent movie theaters, and cultural institutions through the SBA.
• Funds earmarked for “very small” businesses and lending through community-based lenders like Community Development Financial Institutions (CDFIs) and Minority Depository Institutions (MDIs). This includes $9 billion in U.S. Treasury capital investments in CDFIs and MDIs and $3 billion for the CDFI fund to support low income and underserved communities.
• $600 stimulus payment for certain individuals. Single people earning up to $75,000 will receive $600, while married couples earning up to $150,000 will receive $1,200 — exactly half of the amount paid out earlier this year through the CARES Act. The second round of checks will have the same type of income phaseouts as in the CARES Act, with the stimulus check payments reduced for earnings above $75,000 per single person or $150,000 per married couple.
• Funds to states to administer vaccine, testing, etc.
• For those who have lost part of their income and they have multiple jobs, qualify for $100/week unemployment compensation.
• Extends and expands the Employee Retention Tax Credit, raising cap to $10,000 per employee per quarter and includes legislation to allow employers who receive a PPP loan to also qualify for the ERTC for wages not paid for with forgiven PPP proceeds.
• The programs were set up to assist Americans through March, 2021