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7 things to know about the newly signed stimulus package

4.Help for small businesses

Daniel Chessare
Saratoga’s Broadway Deli owner Daniel Chessare shakes hands at the grand opening of his business in Saratoga Springs, New York, in 2018. |

The new COVID-19 relief package includes $285 billion for additional loans under the Paycheck Protection Program. To ensure fairer access to the funds by small businesses that need it the most, stricter terms of eligibility will apply. Among the measures are $2 million loan caps. Companies will also need to have fewer than 300 employees and must have experienced a drop in sales of at least 25% in at least one quarter over the previous year. $12 billion is also set aside specifically for minority-owned businesses.

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