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#HeroesAct2 — LiveTweeting Legislation
Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19 #stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Like many #smallbiz attorneys and advocates, I’m spending most of tonight and tomorrow reading over the Democrats newly-released #COVID19 #stimulus package. As I review, I’ll share some insights and discoveries. Stay tuned!
Congress proposes three #setasides for #PPP funding:
(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas
(2) < 30% for nonprofits, housing coops, and hotels/restaurants
(3) < 50% for supplemental PPP loans.
(1) at least 10% for #smallbiz with fewer than 10 employees OR for certain loans made to biz in low- and mod-income areas
(2) < 30% for nonprofits, housing coops, and hotels/restaurants
(3) < 50% for supplemental PPP loans.
Also similarly reserves the lesser of 25% or $15B of the unused #PPP loans appropriations for loans by Community Financial Institutions.
Quick #SmallBiz Overview on #HeroesAct2:
- #PPP extended until 12/31/2020
- New PPP #SetAsides for: (A) Businesses with fewer than 10 employees (including self-employed); (B) Nonprofits, Hotels, Restaurants, Franchisees, and SBIC-funded; and (C) Supplemental Draws on PPP . . .
- #PPP extended until 12/31/2020
- New PPP #SetAsides for: (A) Businesses with fewer than 10 employees (including self-employed); (B) Nonprofits, Hotels, Restaurants, Franchisees, and SBIC-funded; and (C) Supplemental Draws on PPP . . .
- PPP Reserve for Loans from CDCs
- #EIDL Reform
- Fee Reductions and Subsidies (e.g., Debt Relief Payments) . . .
#HeroesAct2
- #EIDL Reform
- Fee Reductions and Subsidies (e.g., Debt Relief Payments) . . .
#HeroesAct2
- Reallocation of #PPP funds recovered from #SBA audits.
- And, broadly, a whole lot more congressional oversight.
#HeroesAct2
- And, broadly, a whole lot more congressional oversight.
#HeroesAct2
