Monday, October 25, 2021

Congress votes to pass COVID-19 relief bill

Last night, Congress cast final votes to pass the $900 billion bipartisan coronavirus relief package.

Some provisions of the bill include:

  • $284 billion in new funds for the Paycheck Protection Program, including a second draw option for prior PPP borrowers and $15 billion set aside specifically for first and second draws issued by community financial institutions, including community development financial institutions and minority depository institutions.
  • A simplified PPP forgiveness process allowing PPP loans of $150,000 or less to be forgiven after the borrower completes a one-page attestation.
  • Repeal of a CARES Act provision that required PPP borrowers to deduct the amount of their EIDL advance from their PPP forgiveness amount.
  • Enhancements of existing SBA loan programs, including the 7(a), 504 and microloan programs.

The bill now goes to President Trump’s desk for his signature.

For more information of what’s included in the package, click here.