Does The New Stimulus Package Include Ppp Forgiveness
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Under the new ppp.
Does the new stimulus package include ppp forgiveness. Similar to the first round of ppp businesses may be eligible for full forgiveness of the ppp loans if proceeds are spent properly within a specific time period. The new stimulus package would however expand the slate of expenses eligible for forgiveness for new or preexisting ppp loans. Thu january 14.
The stimulus bill includes a new provision for a simplified forgiveness application for loans under 150 000. An additional round of forgivable paycheck protection program ppp loans. Jim johnson tweet share share.
The small business administration sba has 10 days to issue guidance on the application process. In the bill 284 billion of the 900 billion stimulus package has been appropriated for ppp 2 0. Your lender should provide you a link to a form soon in the new year.
If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. Latest covid related stimulus package includes revised ppp loan. December 29 2020 the consolidated appropriations act of 2021 has been signed into law by the president.
The new bill extends the covered period for first draw ppp loans through march 31 2021 this applies to ppp loans made before on or after the date of the enactment of the new bill including the forgiveness of these loans. The latest federal stimulus package not only extends the ppp program but also provides 284 billion in additional funding. Businesses that are eligible for a new round of loans include.
Key highlights from the new relief legislation include. New covid 19 relief legislation along with extenders and spending authority necessary to keep the government open has been signed by president trump. The following summarizes the paycheck protection program ppp 2 provisions of the new stimulus law.
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