loans

New Bill Offers Second Loans to PPP Borrowers

Small enterprise homeowners may get a 2nd chunk at the coronavirus relief apple underneath proposed laws that would prolong the Paycheck Safety System.

The Prioritized Paycheck Safety System (P4) Act would permit businesses with less than a hundred workforce to utilize for a 2nd mortgage if they have utilized up (or are on tempo to exhaust) their initial PPP mortgage and can demonstrate a 50% loss in income due to the COVID-19 pandemic.

Democrats have released Senate and Property versions of the monthly bill, which has bipartisan support.

“Congress have to after once again act urgently to support our most susceptible small businesses as a result of this disaster, so our economic system can recuperate as quickly as attainable just after the pandemic, claimed Maryland Democrat Sen. Ben Cardin, a co-sponsor of the monthly bill.

Congress has furnished $659 billion for the PPP, the centerpiece of the $2 trillion CARES

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