gettyA new bill introduced this week would allow eligible small businesses to apply for a second Paycheck Protection Program (PPP) loan. Marco Rubio (R-FL) and Susan Collins (R-ME), the Continuing Small Business Recovery and Paycheck Protection Program Act looks to reform portions of the original PPP Act that small businesses criticized—including the types of expenses eligible for forgiveness—while also providing additional financial assistance to small businesses still struggling to stay afloat, both with short-term PPP loans and a new long-term recovery loan program. “The PPP and the other small business provisions under the CARES Act have been an historic lifeline to millions of small businesses and tens of millions of American workers,” Rubio said in a press release. The legislation also restricts businesses from receiving a second loan if it would boost their combined PPP loan amount above $10 million. Small Business Growth and Domestic Production Investment FacilityThis part of the legislation sets aside $10 billion to registered SBA Small Business Investment Companies (SBICs)—privately-owned companies that offer small business financing—that invest in small businesses in low-income communities, domestic supply chain manufacturers and businesses with significant COVID-19-related revenue losses.

Source: Forbes July 28, 2020 20:37 UTC