BREAKING NEWS $284 PPP Loan EIDL Small Business Grants Update State Pays $50 Million!

BREAKING NEWS $284 PPP Loan EIDL Small Business Grants Update State Pays $50 Million! New PPP Loan Forgiveness.

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Here’s your PPP loan, EIDL, and Small Business Grant Update.

Jon Taffer, influential restaurateur and host of Bar Rescue, recently expressed his thoughts on the government’s disaster relief efforts for struggling bars and restaurants.

Taffer explained to Fox Business: “Why this didn’t happen before the election is ridiculous. The package was larger before the election than it is now. It falls short in that it doesn’t give the resources necessary to the industry to sustain itself.”
He continued: “We’re in so deep, we’re sinking. And the rope that you’re getting is not going to pull you out anymore ... It is a death sentence. They need dollars to dig out. And this plan doesn’t provide that.”

If anyone knows what’s best for small businesses, bars, and restaurants, it’s Jon Taffer, so I hope that politicians can hear his cries and offer more support for struggling companies in a future stimulus bill.

Meanwhile, the great state of Massachusetts recently announced that they will be spending $50.8 million to assist 1,158 struggling small businesses in the Baked Bean state.

Governor Charlie Baker explained: “These grants prioritize businesses owned by underrepresented entrepreneurs and those that did not or were unable to access the federal paycheck protection program or other federal or state aid.”

He continued: “One-hundred percent of the recipients are minority-owned, women-owned, veteran-owned, LGBTQ-owned, or owned by individuals with disabilities.”

Baker also stated: “Obviously the list of businesses that need our help keeps growing. That’s why last week we filed a supplemental budget that contains another $50 million in additional funding for small businesses, including 17.5 million for this particular grant program.”

This is amazing news to all of my viewers in Massachusetts, and hopefully other states across America can offer these amazing small business grants to qualified and deserving companies.

Finally, we’ve been talking about the new $900 billion stimulus package that’s been approved by Congress, and one of the big items in the bill includes more funding for PPP loans, as well as tax breaks for covered business expenses.

$284 billion of the $900 billion bill will go towards forgivable small-business loans under the Paycheck Protection Program.

Small businesses that took a PPP loan and saw their revenues fall by 25% will be eligible to receive a second PPP loan.

Additionally, Congress will also allow PPP borrowers to take tax deductions for covered business expenses, with business owners reportedly able to claim deductions for expenses covered by PPP loan proceeds.

The legislation also creates a simplified forgiveness application for businesses that took PPP loans under $150,000.

This is great news for small businesses across America, and I hope that you are able to access these vital funds to keep your company alive and ready to take on the best that 2021 can throw our way.

Source: https://www.foxbusiness.com/lifestyle/jon-taffer-coronavirus-aid-package-restaurants

https://www.cnbc.com/2020/12/21/covid-relief-bill-adds-ppp-tax-breaks-the-treasury-opposed.html

https://boston.cbslocal.com/2020/12/21/covid-watch-live-1-pm-governor-charlie-baker-update-small-business-grant-progra

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