Read on Twitter
1/n Still no text of the full bill available AFAIK.
In the meantime, here is a short "summary of a summary" thread. This time, it's a 2 pg summary from Republicans on the House Small Business Committee.
In the meantime, here is a short "summary of a summary" thread. This time, it's a 2 pg summary from Republicans on the House Small Business Committee.
2/ As before, you can skip the rest of this short thread and just read the summary yourself here: https://twitter.com/Zachary/status/1341018526652518401?s=20
3/ PPP
$284.5B to "reopen & strengthen" PPP for 1st + 2nd time borrowers
Process for SMB to receive 2nd PPP if the SMB has <300 empls AND can demonstrate revenue reduction of >= 25%
Max amt of 2nd PPP = $2M
$284.5B to "reopen & strengthen" PPP for 1st + 2nd time borrowers
Process for SMB to receive 2nd PPP if the SMB has <300 empls AND can demonstrate revenue reduction of >= 25%
Max amt of 2nd PPP = $2M
4/ PPP
Increased PPP loan amt for businesses in NAICS 72 (Acommodations and Food Service)
Increased PPP loan amt for businesses in NAICS 72 (Acommodations and Food Service)
5/ PPP
Simplified PPP loan forgiveness app for loans <$150K:
* Borrower signs & submits 1-pg certification of loan amt, # empls retained, + estimated total amt of loan spent on payroll costs
Simplified PPP loan forgiveness app for loans <$150K:
* Borrower signs & submits 1-pg certification of loan amt, # empls retained, + estimated total amt of loan spent on payroll costs
6/ PPP
Strengthens "hold harmless" provisions for PPP lending institutions
Strengthens "hold harmless" provisions for PPP lending institutions
7/ PPP
Expands list of PPP elig expenses to incl:
* "covered operations" (software, cloud, & other HR+acctg needs)
* prop damage costs due to "public disturbances" in 2020 not otherwise covered by insurance
* "covered supplier costs"
* covered worker protection costs (PPE)
Expands list of PPP elig expenses to incl:
* "covered operations" (software, cloud, & other HR+acctg needs)
* prop damage costs due to "public disturbances" in 2020 not otherwise covered by insurance
* "covered supplier costs"
* covered worker protection costs (PPE)
8/ PPP
Makes eligible for PPP:
* 501(c)(6) orgs
* Destination marketing orgs (DMO)
* Housing coops
* Newspapers
* Broadcasters
* Radio stations
Makes eligible for PPP:
* 501(c)(6) orgs
* Destination marketing orgs (DMO)
* Housing coops
* Newspapers
* Broadcasters
* Radio stations
9/ PPP
Repeals CARES Act provisions that requires deduction of EIDL Advance Grant from PPP loan forgiveness amount
Repeals CARES Act provisions that requires deduction of EIDL Advance Grant from PPP loan forgiveness amount
10/ PPP
Updates conflict of interest rules
Prohibits publicly traded companies from PPP
Updates conflict of interest rules
Prohibits publicly traded companies from PPP
