Ppp Stimulus Package Application

Use this form to apply for the paycheck protection program ppp with an eligible lender. This form is to be completed by the authorized representative of the applicant and submitted to your sba participating lender. You can apply for a new ppp forgivable loan whether or not you received one before.

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

Ppp stimulus package application. If you have submitted the application to the bank and the bank has not made the decision yet we advise you to call your bank to request that they stop processing your application. Every ppp lender can use its own version of the sba form application. The new 2021 ppp language allows borrowers to elect a covered period ending at the point of the borrower s choosing between 8 and 24 weeks after loan origination.

Authorized as part of the coronavirus stimulus package passed in december the ppp has been extensively revised from its original form whose focus on payroll costs was seen as too restrictive by. Simplified form for forgiveness. Ppp loan qualified expenses have been expanded to include covid related expenses such as ppe adaptations at the workplace cloud computing business software to facilitate business operations and more.

Ppp 2 0 and other business relief by bruce l. More expenses qualify for forgiveness. Updated 11 30 20 with new expiration date.

If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for forgiveness. In addition for loans under 150 000 there will be a simplified one page application form created by the sba and approved by congress. Sba is currently accepting paycheck protection program ppp loan applications from participating community financial institutions cfis and lenders with under 1 billion in assets which includes approximately 5 000 institutions including community banks credit unions and farm credit institutions.

You cannot get more than two. This can be your first or second ppp loan. At the most basic level after the small business owner completes the application for loan forgiveness the lender has 60 days.

Blasnik cpa cgma partner the recently introduced and much anticipated stimulus bill titled the consolidated appropriations act 2021 the act has been passed by the senate and the house of representatives and is now awaiting signature from the president. The small business administration sba released a slew of ppp guidance and updates yesterday including the new simplified one page application for borrowers of loans for 150 000 or less form.