Congress passes second COVID relief package
Both chambers of Congress Monday afternoon passed a $900 billion COVID-19 relief package that, in part, reopens the Paycheck Protection Program for small businesses.
For companies that received PPP funding in the first round, they can apply for a second loan of up to $2 million, as long as they have fewer than 300 employees, have used or will use the full amount of their first loan, and can show at least a 25% drop in revenue in any 2020 quarter compared to the same quarter in 2019, according to the Journal of Accountancy.
The loans will also still be available for first-time applicants with fewer than 500 employees.
The bill also includes a second round of direct payments to working Americans – $600 for every adult and child making less than $75,000 a year. It also adds $300 a week to unemployment benefits on top of state benefits from Dec. 26 through March 14, 2021.
