A $900 billion COVID-19 relief package was recently signed into law. This deal includes $284 billion in loans to revive the Paycheck Protection Program (PPP) as well as updates to other existing programs.

Below are some highlights of what is included in the new package:

Changes to the PPP Tax treatment
Expansion of PPP List of Expenses Qualifying for Forgiveness
- While the rule still requires 60% of the loan to be used for payroll costs, four additional expense categories have been added that qualify as part of the remaining 40% of the loan.
PPP Second Draw Program now available
- For qualifying businesses that have exhausted their initial PPP loan.
PPP Loan Forgiveness Period updates
- The coverage period start date remains as the date the loan originated. The borrower now gets to decide the end date (between 8 and 24 weeks after the loan originated).
Economic Injury Disaster Loan (EIDL) Grant is reopened
- The new law reopens the $10,000 EIDL Grant program for qualified small businesses in low-income areas.
New Live Venue Grant available
- $15 billion in grant money will be allocated to businesses that qualify as live venue operators and have experienced at least a 25% drop in revenue.