New Stimulus Bill Ppp Requirements

To be eligible for full loan forgiveness ppp borrowers will have to spend no less than 60 of the funds on payroll over a covered period of either eight or 24 weeks the same parameters ppp1 had when it stopped accepting applications in august.

New stimulus bill ppp requirements. Congress approved another 284 billion in funding for these loans in the stimulus bill enacted december 27 2020. No enforcement action against banks the. The deal includes a 900 billion economic stimulus package that will provide relief benefits to businesses and individuals impacted by the covid 19 pandemic.

In addition to the above requirements most businesses and certain non profit organizations housing cooperatives news organizations veterans organizations tribal businesses self employed individuals sole proprietors independent contractors and small agricultural co operatives are eligible for the new ppp loans. Financial support for businesses. Read on for more information on how to qualify and apply.

Repeals the requirement that ppp borrowers deduct the amount of any eidl advance from their ppp forgiveness amount. How your small business can get loans grants and tax breaks from the new stimulus bill. Ppp applications are open.

For borrowers who received a ppp loan within the last 90 days the proposed bill requires that the aggregate of the new and old loan not exceed 10 million. Tax deductibility for ppp expenses. But with new eligibility and forgiveness requirements added the language is.

The following is a summary of some of the provisions that will have a major impact.