Second Stimulus Check & Exciting New PPP Proposal

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Let's discuss the most recent updates on the second stimulus check and an exciting new proposal for the PPP. The Prioritized Paycheck Protection Program.
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There were a few additional comments on the next check and package by President Trump, who said Washington is working on something "dramatic" that could include an extra payment for you
Here’s the exact quote:
"I think we're working on something that's going to be very dramatic, very good,"

This was said in response to a question as to whether Americans should expect another stimulus check this summer. He went on to say:

"I think we are looking at a Phase 4. Phase 1, 2 and 3 have been fantastic for people generally,"

Let’s briefly touch on the next stimulus package’s timeline:
It has been the assumption for the last couple weeks that we probably won’t see the next entire relief bill voted on until after the Senate’s July 4th 2 week recess. I took a look at the schedule and with all the other things they’re working on right now I am giving it a 90% chance that we don’t see anything voted on until mid to late July.

What we may see before then is a new PPP bill to allocate funding.

The original PPP has been out for a few months now. First it got that initial round of funding, big businesses swallowed most of it up very quickly and luckily there was a second round of funding to a total amount of about $666 billion dollars allocated for small businesses.

Once the rules came out showing it may actually be harder to have your loan forgiven than expected many people returned their loans and total PPP funding actually shrank for a few weeks.

Luckily again, lawmakers made some changes extending the forgiveness window and allowing businesses a little more freedom on what funds are spent on. This boosted the success of the program however there is still a whopping $130 BILLION in funding left in this program, sitting there untapped, while many small businesses are struggling.

If 4 million small businesses received funding through the PPP that means there’s enough funding left to give every single small business an additional $32,500

Well, we might have a solution here

Senator Ben Cardin and several other lawmakers have proposed a new bill to extend the PPP for a second round to the smallest of businesses. They call it the Prioritized Paycheck Protection Program.

This program would do several major things:
-Extend the deadline to apply for a forgivable loan until at least Dec. 31st
-Allow businesses with fewer than 100 employees to apply for an entire second PPP loan.

This extension wouldn’t just be given out to anyone though. Those small business owners first need to exhaust their first round of funding. That’s going to be easy for just about everyone since it is based on 2.5 months of expenses.

Sources:
https://www.asicentral.com/news/newsletters/promogram/june-2020/lawmakers-propose-further-ppp-extension/
https://www.cnet.com/personal-finance/second-stimulus-check-update-is-a-dramatic-second-round-coming-heres-todays-status/
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Disclaimer
This presentation does not constitute legal or tax advice. It is provided solely for informational and educational purposes and does not fully address the complexity of the issues or all the steps businesses must take under applicable laws. You should consult your professional advisers regarding your individual situation. Max Maher undertakes no obligation to update the information in this presentation, and no representations are made that the content is error-free.

Видео Second Stimulus Check & Exciting New PPP Proposal канала Max Maher