WICHITA FALLS, Texas (TNN) - A new Covid-19 Payroll Protection Program Bill was passed by the U.S. Congress on Dec. 22, to help provide aid to small businesses.
“PPP is the one that most people are looking at that most people are eligible for have questions about it’s been expanded you know to make sure that money is getting closer to small businesses,” said Walter Lambert, CARES Business Consultant, America’s SBDC at MSU Texas.
While the PPP Bill has the same name as the one that was passed back in March, there are some differences between the two.
“You have to have fewer than three hundred employees you have to have already used up your first PPP loan and you must demonstrate at least a twenty five percent reduction in gross during one quarter compared to 2019,” said Lambert.
Other changes made to the bill are easier loan forgiveness applications and using PPP expenses as tax deductibles.
“So before the IRS released some guidance saying that they would not be deductible but this new stimulus does clarify that so people will be able to have a lower tax bill.” said Lambert.
The new PPP Bill has been passed by Congress but it still will need to be signed by President Trump.
The Small Business Development Center MSU Texas says they expect to know more about when small businesses can start applying for the relief loans in the next ten days.
For more information on business relief resources visit the MSU Texas SBDC website.