The package includes the following support for businesses and employees:
- $325 billion for small businesses, including $284 billion in loans through the Paycheck Protection Program (PPP)
- Enhanced unemployment insurance benefits of $300 per week
- Extension of the eviction moratorium and $25 billion for rental assistance
- Extension of the tax credit for employers offering paid sick leave
The Central CT Chambers of Commerce highly recommends you begin working with an approved lender now as there could be high demand for this program. For those companies applying for a second PPP loan, working with the same financial institution could speed up the application process for your business.
Not only does this new round of PPP funding provide an opportunity for those companies that did not receive funds earlier this year, but it also allows businesses with 300 or few employees that experienced more than 25% revenue loss in the first, second or third quarter in 2020 to secure a second forgivable PPP loan.