Congress just approved more funding for struggling small businesses. Here's what's different this time around.
Trending News
After months of negotiations, Congress struck a $900 billion stimulus deal that includes $325 billion for small businesses and a continuation of the Paycheck Protection Program (PPP).
In addition to reviving the PPP, the new package will renew benefits for contract workers and freelancers through the Pandemic Unemployment Assistance Program. It will also allocate $15 billion in aid for restaurants, live-music venues, and cultural institutions, which have suffered greatly as a result of the pandemic., and expand eligibility for nonprofits, local newspapers, and broadcasters.
"There is an inordinate amount of focus on the service sector that got devastated and won't be back until there's a vaccine," said Henrietta Treyz, the director of economic policy at healthcare policy investment research firm Veda Partners.The new
The excise tax distilleries pay on their goods is based on how much liquor is produced, benefiting smaller distilleries that produce far less than large-scale companies.
While the stimulus package will save some businesses, it's arriving too late for others. Nearly 100,000 businesses have permanently closed since the start of the pandemic, according to Yelp's Economic Impact Report that was published in September. "A lot of small businesses have shuttered and this loan isn't going to reopen them," Treyz said.Copyright © 2021. Times Internet Limited. All rights reserved.For reprint rights. Times Syndication Service.
Next