Congress has tentatively reached a deal on a stimulus package that is expected to be signed by President Trump. This new package includes provisions that impact many of our EDO's and chambers of commerce.
The most important part of the new legislation is that PPP has been extended to 501(c6) organizations! The caveat for eligibility is that you must not receive more than 15 percent of your revenue from lobbying activities and that you have less than 300 employees. Our larger C6 members lobbying activities have a different threshold of not exceeded $1 million during 2019.
If you are considering taking advantage of this updated program, we encourage you to contact your accountant to determine your eligibility before the ability to make new PPP loans terminates on March 31, 2021. We will have more information in the coming weeks once the legislation has been signed so please stay tuned.
ADDITIONAL STIMULUS PLAN COMPONENTS:
- $284 billion PPP additional funding.
- Federal unemployment benefits of $300 per week.
- $12 billion in funding for Community Development Financial Institutions (CDFIs.)
- The creation of the Neighborhood Capital Investment Program which will help CDFIs and Minority Depository Institutions.
- Direct payments of $600 for single people making less than $75,000 per year and $1,200 for couples earning less than $150,000 per year.