PPP applications are open: How your small business can get loans, grants, and tax breaks from the new stimulus bill
- The new $900 billion stimulus deal includes $325 billion for small businesses and a continuation of the Paycheck Protection Program.
- The deal allocates money for specific kinds of business owners and industries, including $15 billion for entertainment venues and theaters.
- Business Insider reviewed the nearly 5,600-page bill and talked with experts to help you navigate how to take full advantage of its benefits for your business.
After months of negotiations, Congress struck a $900 billion stimulus deal, including $325 billion for small businesses and a continuation of the Paycheck Protection Program, with revisions from the last round which closed in August.
The deal allocates money for specific kinds of business owners and industries, including $15 billion in grants for entertainment venues and theaters affected by mandated closures during the pandemic.Business Insider reviewed the nearly 5,600-page bill and talked with experts to help you navigate how to take full advantage of its benefits for your business.
What you need to know about PPP loans
This time around, PPP is a little different. The stimulus targets the smallest firms. It's opened up to nonprofits, put an emphasis on the service sector, and has a focus on low-income communities. Experts say the guidance around
How to know what lender to use 4 things business owners can do right now to prepare for the next round of PPP loan applications
Changes in the second roundDuring the first round of stimulus in April, several large companies and franchises received backlash for taking PPP loans. Many small-business owners were concerned large, revenue-generating companies received aid that was meant for them. In this second
Read more:How restaurant owners can cash in on PPP loans and get up to 3.5 times their monthly payroll
Grants for independent entertainment venuesThe stimulus bill outlines a new $15 billion program, Grants for Shuttered Venue Operators, which gives up to $10 million in aid for live music venues, theaters, producers, performing arts organizations, promoters, museums, and talent representatives. Unlike the PPP loans, these funds are grants that do not require repayment or forgiveness, and they are entirely new from the CARES Act of the spring.
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