New Stimulus Package Ppp Forgiveness

If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness.

New stimulus package ppp forgiveness. Batson jr cpa and tax attorney. Hampton and gabriel b. On october 8 2020 the sba along with the treasury department issued new guidance allowing borrowers with ppp loans of 50 000 or less to self certify they used the money appropriately and receive.

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. Your lender should provide you a link to a form soon in the new year. 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.

The bill states definitively that business owners won t be taxed on their forgiven ppp loans. 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. 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.

What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions.