$2 Trillion Coronavirus Relief Package
Updated: Mar 29, 2020
The House voted to pass a $2 trillion coronavirus relief package – the largest emergency aid bill in history – that offers a variety of financial relief programs to businesses. There are many provisions and many helpful summaries, for businesses and business owners to review.
This stimulus program includes the (Paycheck Protection Program) a $349 billion SBA lending program modeled on the current SBA 7(a) program. This new version includes up to 100% loan forgiveness under certain conditions, and the forgiven amount is related to actual payroll and other payments – including rent – made from February 15, 2020 to June 30, 2020. Loans are capped at $10MM, generally cover payroll costs for 2.5 months, and have no principle or interest for six months. There are many more details; this is just a very basic summary.
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