2021 COVID Relief Act & Other Resources
As businesses of all kinds continue to navigate the challenges presented by COVID-19, we are keeping an updated list of informative resources available to help you in 2021.
Significantly, the U.S. government has approved new help for businesses through the Consolidated Appropriations Act of 2021. Benefits include additional funding for the Paycheck Protection Program (PPP), reopening the Economic Injury Disaster Loans (EIDL) Program and more assistance for small businesses and nonprofits. Other federal agencies, state resources, nonprofit organizations and private companies are also continuing to respond with assistance for businesses. We’ve compiled an updated list of resources below to help you find the best path forward for your business.
The Paycheck Protection Program (PPP) was initially created under the CARES Act of 2020 to help small businesses retain workers through an expansive loan program.
In December 2020, Congress approved $284 billion additional funding for the PPP to provide more help for business owners and nonprofits. The new legislation includes changes that impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. It also reduces the maximum loan amount from $10 million to $2 million.
Business owners who have never applied for funding or who are interested in applying for a second loan should consider getting in touch with a PPP lender as soon as possible to learn who’s eligible and how the new funding works. The application period will open once the Small Business Administration finalizes regulations in January, and will remain open until March 31 or until the new funding runs out.
Who’s eligible for new PPP funding?
Who's eligible for Second Draw PPP funding?
How it works
For more information on eligibility and how to apply, contact your lender.
Update (January 4, 2021): The Consolidated Appropriations Act extends the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, with applications for low-interest loans now being accepted through December 31, 2021.
How it works
For all assistance programs, it’s important to understand the fine print. Be sure to check with a financial advisor or lender before applying to better understand the details and how individual programs could fit with your specific business needs.
Updated as of January 11, 2021
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