Even amid new Covid relief efforts, a bleak winter is ahead for small businesses

It’s going to take more than a second draw from the Paycheck Protection Program to get the most vulnerable small businesses through the winter, tax professionals say.

Congress is back to hashing out new relief measures this week. House Speaker Nancy Pelosi and Senate Minority Leader Chuck Schumer backed a bipartisan $908 billion stimulus plan on Wednesday, while Senate Majority Leader Mitch McConnell pushed his $500 billion package.

Both plans allow cash-strapped business owners to take another draw from the Paycheck Protection Program – a forgivable loan program intended for battered businesses.

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