The Payroll Blog

News, tips, and advice for small business owners

New COVID-19 Fiscal Relief Package

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On Sunday, December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021, into law. 

A calculator and financial documents sitting on a desk.

Update, 1/14/21: The Paycheck Protection Program began a phased reopening for loan applications on January 11; the program will be open to all participating lenders and eligible borrowers, including both first and second draw applicants, on January 19. First draw applicants can access the loan application here. There is a separate application form for eligible businesses seeking a second draw loan. Need to find an SBA-approved lender? We can help.

The legislation includes a variety of positive initiatives, including updates to the existing Paycheck Protection Program, a second draw PPP loan for eligible businesses, a new round of tax credits, and grants for shuttered venue operators, to name a few. Here’s what we know today, as covered by the Paychex Compliance Team. If you're looking for even more information on what the relief act means for the Paycheck Protection Program check out our latest blog

Note: These videos were recorded after the relief package was passed by congress, but prior to the president signing the bill into law. 

Paycheck Protection Program (PPP)

Employee Retention

Tax Credits

Unemployment Insurance Expansion

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