As part of an end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. Additionally The U.S. Small Business Administration announced that the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration is extended to Dec. 31, 2021. ,
We continue to advocate and communicate with our elected officials for this much-needed funding for our business-industry.
Please note, additional relief programs are available under the CARES Act to assist small and middle-market businesses including the Main Street Lending Program, Payroll Tax Expense Deferral and the Employee Retention Credit.
For additional information on Texas business-related COVID-19 resources visit gov.texas.gov/business/page/coronavirus