New Stimulus Package And Ppp Forgiveness

The year end stimulus package included significant changes to how the ppp loan forgiveness program works.

New stimulus package and ppp forgiveness. You can get forgiveness for this ppp loan by spending at least 60 on payroll expenses wages salaries retirement group health insurance etc and a maximum of 40 on other. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck. 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 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. And the shareholders of s corporations will enjoy another benefit that. Congress is acting today to allow ppp borrowers to deduct ppp expenses and not have to include loan forgiveness in income.

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. Ppp 2021 adds additional eligible expenses for forgiveness there have been several updates to the original ppp terms over the past months and the latest round of ppp funding adds more eligible forgivable expenses so more small businesses may take advantage of this relief package. What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions.