New Stimulus Package Update 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.

New stimulus package update ppp forgiveness. 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. Includes set asides to support first and second time ppp borrowers with 10 or fewer employees first time ppp borrowers that have recently been made eligible and for loans made by community lenders. Repeals the requirement that ppp borrowers deduct the amount of any eidl advance from their ppp forgiveness amount.

Before we go further please note the ppp money comes to you in what appears to be a loan. Borrowers who received less than 150 000 in ppp loans during the first round will now only have to submit a one page application for forgiveness but all of the same rules apply. In addition they congress may increase the automatic forgiveness amount to 150 000 chatter from dc.

This new package provides additional funding for those businesses that did not receive ppp money in the first round especially minority and women owned businesses. In addition it allows. 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.

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 signer of. The new paycheck protection program ppp law enacted with the stimulus package adds dollars to your pockets if you have or had ppp money.

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.