Latest news: The second round of PPP is coming!Which small businesses are eligible to take?


Catering boss must read the blue words above

昨晚(12月20日),美国国会终于在总额为9000亿美元的第二轮经济刺激计划上达成了一致。该法案包括给每人发600美元的支票、每周300美元的失业救济金等。


For small business owners across the United States, the most exciting thing isIn the new bill, $2840 billion will be reserved for the second round of the PPP (Payroll Protection Program)!



PPP was originally established in the spring of this year under the CARES Act. A total of about 500 million companies in the United States have received about $5,250 billion in loans.About the first round of PPP related information,Please read here.



In the new round of PPP, it is planned to provide additional assistance to companies that did not receive the PPP in the first round, especially those owned by ethnic minorities and women.Small companies that have already received the first round of PPP funding but have made significant losses this year compared to 2019 are also eligible to receive assistance again (the specific loss percentage has not been determined, and some media reports call it 25%).The maximum amount of the second round of PPP loans will be US$200 million.Listed companies will be prohibited from applying.


In addition:


  • Set aside special funds for non-profit organizations, news media, etc., these companies are not eligible for application in the first round


  • $150 billion for live event venues (Live Event Venues), independent cinemas, cultural institutions, etc.


  • Provide another $200 billion in targeted grants for SBA's EIDL project

  • Tax relief for business meals

  • Allocate funds specifically for "very small" companies and issue loans through community-based lenders such as Community Development Financial Institutions (DDFI) and Minority Depository Institutions (MDI)

The new bill also answers another urgent question of small business owners:The amount of the PPP exemption part of the expenses (salary, rent, etc.) cannot be deducted from the income when filing the tax before, but after the new bill is passed, it is equivalent to giving small owners a double tax benefit.

The Senate will vote on this bill this week, and President Trump is expected to take effect before the Christmas holiday.Small business owners across the United States have been waiting for the new bill for 9 months and the second round of PPP will soon become a reality.But it seems that there is no key assistance to the catering industry that has been hit again under the epidemic.We will closely follow up the progress of the new round of PPP and welcome the attention of practitioners in the Chinese catering industry in North America!

References:
https://www.cnbc.com/2020/12/21/covid-relief-bill-adds-ppp-tax-breaks-the-treasury-opposed.html
https://www.forbes.com/sites/allbusiness/2020/12/21/new-relief-package-provides-new-ppp-funding-for-small-businesses/?sh=230cbd5a3092

About "North American Meal Exam News"

"North American Meal Exam News" is the sister number of the North American head gastronomy new media "Eating Food Team". It aims to serve North American Chinese food and beverage practitioners and is committed to building a professional service platform for the North American food and beverage industry. We hope to promote the two-way exchange of Chinese and American catering culture, support Chinese food to go overseas, and serve overseas brands in China.

Light up and see, cheer for the nation's catering industry

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