Assistance Would Be Available as Grants Instead of Loans
The $1.9 trillion stimulus plan proposed by President Biden would include substantial assistance for small businesses that have been hit particularly hard by the coronavirus pandemic. In addition to $15 billion earmarked for sector grants to restaurants and other struggling small enterprises, the bill would allot $35 billion to local programs that provide low-interest loans to entrepreneurs.
Paycheck Protection Program Continues
The above-mentioned assistance is in addition to continued access to the Paycheck Protection Program (PPP), first rolled out in the initial stimulus package last year. The PPP reopened in mid-January 2021 with a number of new anti-fraud provisions, and with a greater focus on the needs of small businesses that were unable to secure aid in previous PPP offerings. The loans, which remain forgivable if borrowers comply with the provisions of the stimulus package, are intended to help business owners keep employees on their payrolls as the economy attempts to recover from the pandemic. Officials anticipate that many of the loans made under the current PPP program will be to sole proprietors, micro-businesses, and other very small entities.
At MCIS Law, we are closely monitoring the negotiations related to a proposed stimulus package and will be quickly up to speed to help small businesses obtain all the benefits available once a bill is signed.
Contact MCIS Law for Experienced Business Law Counsel
At MCIS Law, PLLC, in Stafford, we work closely with startup and existing businesses in southeast Texas, providing a broad range of legal services, from business formation to the negotiation, review, and drafting of business contracts. For a confidential consultation with an experienced and knowledgeable lawyer, email us or call our office at (346) 297-0121. We are currently communicating with clients by phone, text message, and videoconference. We accept all major credit cards.