Stimulus Package Ppp Forgiveness

These guidelines cover loans taken under the original cares act and second draw loans.

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

The stimulus bill includes a new provision for a simplified forgiveness application for loans under 150 000. 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 new application must still be developed by the sba and will likely change or.

Previous ppp loan borrowers who returned all or part of their ppp loan may reapply for the maximum amount applicable under the new terms so long that they have not yet received forgiveness. 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.