DEVELOPING — U.S. Senate passes $2 trillion stimulus bill that provides expanded unemployment, strategic tax relief, healthcare system support, and enhanced aid for #smallbiz.
Section 1102, for instance, creates the “Payment Protection Program”, providing broader authority for the U.S. Small Business Administration to issue 7(a) loans to eligible small businesses for payroll, health benefits, rent, mortgages, utilities, and other eligible debts.
Section 1106 allows businesses with these 7(a) loans under the Payment Protection Program to seek loan #forgiveness equal to payments for payroll, rent, mortgages, utilities, and interest thereon between Feb. 15, 2020 and June 30, 2020.
Section 1103 authorizes grants to #SBDC and #WomensBusinessCenter for education and training programs related #COVID19, including telework policies and cybersecurity.
Section 1108 similarly authorizes grants from the Minority Business Development Agency for education and other programs.
Section 1110 bolsters the SBA’s Economic Injury Disaster Loan (#EIDL) program by expanding eligibility; easing certain credit, personal guarantees, and age requirements; and delaying repayment in certain circumstances.
Section 1112 directs the #SBA Administrator to pay the principal, interest, and associated fees on certain guaranteed 7(a) loans for 6 months.
UPDATE -- On March 27, 2020, the House passed the Senate's #COVID19 stimulus bill, sending the bill to Trump for signature. Few changes likely given the impending need for personal and #smallbiz relief.
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