There’s a new COVID stimulus bill in the works for the end of 2020 & the beginning of 2021.
As the end of 2020 quickly approaches, Congress is rushing to have a new COVID stimulus bill done to offer aid to small business owners and unemployed individuals. Even though the economy is seeing a slight lift, we have not returned to normalcy, and government funding is imperative.
With much debate still to be had, little is known about when the stimulus package will pass & exactly how much will be presented. However, this is only as of now and could possibly change.
What’s in New Stimulus Bill as of December 2020?
The latest COVID stimulus package will only include financial relief for small businesses and unemployed individuals. The first coronavirus relief bill included a round of $1,200 checks to qualifying Americans. It was part of a whopping $2.2 trillion package.
The second round of funding will not be anything close to that figure, but proposed numbers fall around the $908 billion range. Some of the recipients of the second relief package would be airlines, hospitals, transit, education facilities, vaccine support, and more. This includes small businesses at the forefront.
Stimulus Aid for Small Businesses
The second coronavirus stimulus package will likely include a massive contribution to the Paycheck Protection Program. The PPP assisted small business owners in the first half of the pandemic madness, but it quickly drained due to high demand.
According to a tweet by Senator Joe Manchin on December 1st, approximately $288 billion would be set aside for small businesses. The money pumped back into the PPP and likely set aside for other funding programs to help small businesses. While a second direct stimulus check remains up in the air, financial support for struggling small business owners remains guaranteed. So, the question is not if small businesses can expect aid but when.
When Can Small Businesses Expect Aid?
We wish we had a clear answer for you, but it’s an ongoing process and proving to be quite difficult. Neither party can reach a mutual agreement that is satisfactory for everyone- yet. However, both Republicans and Democrats can agree on one thing: small businesses need additional help to stay afloat.
Get Funding for Your Small Business Before the Next Stimulus Package
If you can’t wait on the next stimulus bill to be released, we can help. You can find various forms of small business financing at Merchant Funding Solutions that will carry you through the new year. There is even a loan calculator that can help you determine the right small business loan for your needs.
If you’d rather talk to a real human being and go straight to the facts, get a quote through our easy interest form, and you’ll be contacted for an in-depth conversation. We’ll explain everything you need to know.