Covid Stimulus Bill Ppp Loan Forgiveness

Congressional plans on processing second draw ppp loans.

Covid stimulus bill ppp loan forgiveness. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers mat sorensen 12 22 2020 w va. Senator kevin cramer r nd a senate budget committee and senate banking committee member announced today the paycheck protection small business forgiveness act his bipartisan legislation to streamline forgiveness of paycheck protection program ppp loans for small businesses is included in the bipartisan bicameral covid 19 relief package being considered in congress. It also expanded ppp eligibility for.

The 900 billion covid 19 relief package passed monday provides 284 billion for a revised paycheck protection program ppp and clarifies that businesses can claim tax deductions for expenses paid for with forgiven ppp loans. Thus before stimulus 2 0 the amount of loan proceeds used to cover payroll if forgiven would not be deductible. The bill includes 284 billion for first and second forgivable loans from the paycheck protection program ppp which is intended to aid small businesses.

For more information please visit our ppp hub. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers congress finally passed further covid relief and it potentially bodes. January 12 2021 update.