Congress Stimulus Bill Ppp Loan Forgiveness

The bill allows borrowers that returned all or part of a previous ppp loan to reapply for the maximum amount available to them.

Congress stimulus bill ppp loan forgiveness. Tax basis and other attributes of the borrower s assets will not be reduced as a result of the loan forgiveness. It simply describes how many employees you were able to retain and how much you spent on payroll costs. And the shareholders of s corporations will enjoy another benefit that.

The second round of ppp loans for affected small businesses are. Late monday december 21 congress passed and sent to president trump for signature the consolidated appropriations act 2021 which includes additional stimulus for the weakened economy. Congress at last passed a second stimulus bill this week as of this writing it is still awaiting president trump s signature and it includes a second round of ppp loans for affected small businesses as well as loan forgiveness rule changes that are favorable to ppp borrowers.

Ppp2 creates a simplified forgiveness process for loans of up to 150 000. As part of the package congress clarified its earlier intent to make loans forgiven under the ppp be non taxable. Allows deductions for otherwise deductible expenses paid with the proceeds of a ppp loan that is forgiven.

Congress at last passed a second stimulus bill this week as of this writing it is still awaiting president trump s signature and it includes a second round of ppp loans for affected small. Ppp2 also makes the following potentially forgivable. Eidl advance up to 10 000 to not reduce ppp forgiveness amount.

As with ppp1 the costs eligible for loan forgiveness in ppp2 include payroll rent covered mortgage interest and utilities. Entrepreneur by mat sorensen. Forgiveness is not automatic.