As part of the end-of-year pandemic relief package, Congress has passed several changes to the Paycheck Protection Program (PPP) and created a “Second Draw” PPP for small businesses who have exhausted their initial loan. Other changes impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans.

The United States Chamber of Commerce has put together a guide for some of the critical questions that business owners may have.

President Donald Trump signed the bill Sunday night.  One provision for individuals is to provide $600 per person, subject to income limitations.  Pres. Trump requested that Congress increase the payment to $2,000 per person.  Although the United States House of Representatives passed such a provision, Speaker of the House Sen. Mitch McConnell blocked a Democrat-led attempt in the Senate to pass a similar provision.  But the bill itself will remain in effect.

Dennis Boyd, Kona representative for the Hawaii Island Small Business Development Center in Kona, said the US Chamber of Commerce Guide will help with most questions.  Click here for the guide.

For the Hawaii Island HISBDC  web site, click here.  For the Big Island representatives for further assistance:

Dennis Boyd, Kona representative, dboyd@hisbdc.org, ‭(808) 327-4343‬

Judy Mellon, Hilo representative, jmellon@hisbdc.org, (808) 933-0776