New Stimulus Bill And Ppp Loan Forgiveness

In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan forgiveness process to provide restaurants access to greater relief and to extend the program through march 2021.

New stimulus bill and ppp loan forgiveness. Another change contained in the december 2020 stimulus bill surrounds economic injury disaster loans edil and their impact on ppp loan forgiveness. Your lender should provide you a link to a form soon in the new year. Ppp loan forgiveness is determined based on how the small business client spent the loan.

Little has been written about whether the new law will allow ppp borrowers to deduct the expenses that they paid to receive forgiveness and many ppp borrowers will not survive if they have a big. Ppp borrowers with naics codes starting with 72 hotels and restaurants can get up to 3 5 times their average monthly payroll costs again subject to a 2 million maximum. Creates a simplified forgiveness application process for loans of 150 000 or less.

Hampton and gabriel b. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. Simplified application and other terms of note.

Apple to launch electric car using new battery tech by 2024. The year end stimulus package included significant changes to how the ppp loan forgiveness program works. For those few borrowers who received a ppp loan within the last 90 days the new act requires that the aggregate of the new and old loan will not exceed 10 million.

Besides ppp there s another forgivable loan program for small businesses thanks to the new stimulus bill by gene marks for the inquirer posted. Bureau of engraving and printing in 2017. The new covid 19 relief bill also.

Originally if your client s business had. No enforcement action.