New Bill Offers Second Loans to PPP Borrowers

Truman Slate

Modest business enterprise proprietors may get a second bite at the coronavirus aid apple less than proposed laws that would increase the Paycheck Security Plan.

The Prioritized Paycheck Security Plan (P4) Act would let businesses with fewer than 100 employees to utilize for a second financial loan if they have used up (or are on rate to exhaust) their to start with PPP financial loan and can demonstrate a 50% loss in revenue because of to the COVID-19 pandemic.

Democrats have launched Senate and Property versions of the invoice, which has bipartisan assistance.

“Congress need to once once more act urgently to assistance our most vulnerable smaller businesses through this crisis, so our economy can recover as speedily as possible right after the pandemic, claimed Maryland Democrat Sen. Ben Cardin, a co-sponsor of the invoice.

Congress has offered $659 billion for the PPP, the centerpiece of the $two trillion CARES

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