The federal government just approved a $900 billion stimulus package to deliver economic relief to small businesses and Americans impacted by the pandemic.

Under certain conditions, many of the 65,000 businesses that received aid through the original Paycheck Protection Program in the spring can apply again.

Direct payments to families will be delivered during the first weeks of January, bringing, for example, $2400 to middle-class married couples with two dependent children.

Individuals who earned up to $75,000 in adjusted gross income on their 2019 tax returns will receive a $600 payment and a married couple earning up to $150,000 will receive $1,200, with an additional $600 for each dependent under 17.

The package includes the following support for businesses and employees: 

• $325 billion for small businesses, including $284 billion in loans through the Paycheck Protection Program (PPP)
• Direct payment checks of up to $600 per adult and child
• Enhanced unemployment insurance benefits of $300 per week
• Extension of the eviction moratorium and $25 billion in rental assistance
• Extension of the tax credit for employers offering paid sick leave

"The new round of PPP funding provides a great opportunity for companies that did not receive a forgivable PPP loan earlier this year. It also allows businesses with 300 or few employees that experienced more than 30% revenue loss in any quarter in 2020 to secure a second forgivable PPP loan," said David Lehman, Commissioner of the Connecticut Department of Economic and Community Development (DECD)

Commissioner Lehman stated that the PPP would continue to be managed by the U.S. Small Business Administration (SBA). Loans will once again be secured through an SBA-approved bank, credit union or fintech. 

A list of participating lenders across the country, listed by state in alphabetical order, can be found here: https://www.sba.gov/sites/default/files/2020-06/PPP_Lender_List_200625.pdf.

"I recommend you begin working with an approved lender now as there could be high demand for this program. For those companies applying for a second PPP loan, working with the same financial institution could speed up the application process for your business," said Commissioner Lehman.

"The PPP has been a huge boost to Connecticut businesses that continue to struggle under the economic realities brought on by this pandemic," he added. 

To date, Connecticut companies and nonprofits have secured nearly 65,000 PPP loans worth approximately $6.7 billion.

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