December, 2020 COVID-19 Emergency Relief Package

The Greater Boerne Chamber of Commerce is committed to keeping our business community informed and updated.

 

We are excited to share that on December 27th, President Trump signed a $900 billion COVID-19 relief package into law.

Many small businesses, non-profits, and independent contractors may be eligible for the new round of PPP loans. Borrowers may also qualify for a loan even if they received funds in the PPP's first round. There will be $284.5 billion in forgivable PPP loan funds available for certain borrowers that already got PPP loans and for other businesses that missed out in the previous round.

A second round of Payroll Protection Program (PPP) loans estimated at approximately $284 billion – with expanded eligibility for 501(C)(6) organizations (like your Boerne Chamber of Commerce), which were not eligible for the first round of PPP loans.

Clarification that forgiven PPP loans will not be included in taxable income and deductions are allowed for expenses paid with proceeds of a forgiven PPP loan:

  •     $12 billion for minority-owned or very small businesses
  •     $45 billion for public transit systems
  •     $15 billion in grants dedicated to live venues
  •     $82 billion for education funding
  •     $7 billion for broadband access
  •     $69 billion for the purchase of vaccines, vaccine distribution, testing and extra federal relief for health care providers
  •     $25 billion in direct rental assistance and an extension of the eviction moratorium until January 31, 2021
  •     $13 billion for increased food stamps and child nutrition benefits
  •     Direct payment of $600 to Americans earning $75,000 per year or less; $1200 for couples earning $150,000 per year or less; and $600 for each child dependent
  •     An additional $300 weekly payment for those receiving unemployment benefits

For more information and details on the COVID-19 relief package, click here.

As the New Year quickly approaches, we are hopeful for the recovery and connections that are to come in 2021!
 
The Greater Boerne Chamber of Commerce is working diligently to support our members and business community in any way possible.

#BoerneStrong