New Stimulus Package Ppp Loan Details

The new ppp loan provisions provide for.

New stimulus package ppp loan details. 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. For businesses with more than one physical location the maximum amount of new ppp loans is stated as follows. I the total amount of all covered loans shall be not more than 2 000 000.

An sba loan that helps businesses keep their workforce employed during the coronavirus covid 19 crisis. Farmers who run their operations as sole proprietors independent contractors or otherwise self employed individuals will have newly expanded access to the paycheck protection program ppp under changes made in the covid stimulus package congress approved. Producers who were denied ppp loans or whose loan amounts did not consider self employment compensation may now be eligible for the vital.

These loans may be completely forgiven if spent on eligible expenses mainly payroll during a specific time period. The paycheck protection program ppp loan is a type of sba loan designed to provide funds to help small businesses impacted by covid 19 to keep their workers on payroll. For businesses with more than one physical location the maximum amount of new ppp loan will be as follows.

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. A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25 in the first second or third quarter of 2020. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster loan eidl grants and 11 billion to the u.

If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. Your lender should provide you a link to a form soon in the new year.