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How startups can benefit from the new federal stimulus bill

On March 27, 2020 Congress passed a $2 trillion coronavirus stimulus package, which has been signed into law. Read our take on the bill and what it could mean for startups and small businesses. 

  • Startups may be eligible to receive a forgivable loan (a loan that can convert to money you keep) of 2.5x your average monthly payroll (up to $10m), subject to some restrictions.
  • The loan will not require a personal guarantee from the business owner
  • To be forgiven, the amount needs to be spent in eight weeks, and the amount of the loan that is forgiven will be reduced by layoffs or certain salary reductions