December 17, 2020 | By: LendVer Staff –
A new stimulus bill hasn’t yet been finalized, but lawmakers have made the first real significant bipartisan progress in months. Yesterday, amid ongoing discussions and negotiations between legislators, a $900 billion relief bill that Democrats and Republicans appear to agree on, has taken shape.
The two major roadblocks to enacting additional government stimulus have been the demand for state and local aid by the Democrats, and liability protections for small businesses by the Republicans. Both sticking points were thrown out last night, as bipartisan leaders agreed to eliminate these two contentious barriers to progress in the spirit of bringing much needed stimulus to fruition.
Excluding state and local relief, and liability protections for small businesses, many of the items outlined in the December 1st, bipartisan, bicameral stimulus proposal are likely to be included. The current $900 billion stimulus plan currently underway is said to now include $600 direct stimulus check payments to taxpayers. Prior, more recent outlines of proposed stimulus bills did not include direct payments.
The $900 billion plan is said to include two other items that anxious Americans have been hoping for. $300 billion of small business aid, including the extension of the Paycheck Protection Program; and, the continuation of the federal unemployment bonus at a reduced $300-per-week figure.
How can you prepare?
If you are self-employed, the news that additional PPP financing could be available before the end of the year is a welcome blessing. The bad news is that the current bill being discussed contains nowhere near the $500+ billion already distributed through the PPP.
Considering how long businesses have been without government aid, any new PPP funds will go fast. To improve your chances of obtaining a first or second PPP loan (should financing become available), you should start your PPP application now with The Loan Source before the rush.
What Documents Will You Need?
Since the details and terms of new PPP funding remain to be seen, a specific list of what will be required has not been released. However, the documentation list at the bottom of this page is a good guideline for what you should have ready.
The Washington Post has reported that House Majority Leader Steny H. Hoyer (D-MD) told reporters Wednesday afternoon that he is hoping for a deal “later today or early tomorrow morning.” Even if a deal is agreed to today, it will need to be passed by midnight tomorrow night, when the federal budget extension expires and the government could shutdown.
Be sure to stay tuned and don’t hesitate to contact us if you need a free lender or service provider recommendation, or if you have a topic you’d like us to cover. Don’t forget to check out our featured “Best” lenders and providers, and our recent articles.