The Senate’s stimulus proposal looks good for small businesses | Gene Marks

The Senate’s stimulus proposal looks good for small businesses | Gene Marks

The Republican-controlled Senate released its proposal for further aiding small businesses during this unprecedented downturn caused by the coronavirus pandemic. Of course, the seven-page detailed outline released by Senator Marco Rubio's office will probably be different in the bill's final form. But let's hope not too different. That's because it offers up at least three big things that will significantly help many struggling small businesses. Here they are:

Loans under $2m would basically be forgiven, with some caveats

If your business received a PPP loan for less than $150,000 you would no longer be required to go through the forgiveness process. You would have to represent that you made a "good faith“ effort to comply with the loan requirements and you would be required to retain the relevant records needed for at least three years, as well as being asked to complete and submit certain demographic information. If your business received a loan for less than $2m you would still have to complete the application along with maintaining records for three years and submitting demographic information. But you won't be required to submit the documentation. The government will retain its right to audit you.

For countless small businesses that means a significant amount