Stimulus Package Ppp Loan Forgiveness

Stimulus package expands ppp simplifies loan forgiveness and adds disaster grants.

Stimulus package ppp loan forgiveness. 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. Getty images here s who s eligible for new ppp loans and loan forgiveness under the new stimulus by anuradha garg. The new ppp aid which congress approved last month as part of its 900 billion covid stimulus program will provide forgivable loans of up to 10 million for pandemic wracked small and medium.

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. Small business administration sba with an additional 284 billion for ppp loans 20 billion for economic injury disaster. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck.

Stimulus package expands ppp simplifies loan forgiveness and adds disaster grants. On december 27 2020 president trump signed into law a 908 billion relief package. You still must apply but for loans of 150k or less you can use a one page certification.

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. The legislation includes a very favorable update to the paycheck protection program ppp for farmers and ranchers and also provides the u s. Forgiveness is not automatic.

It simply describes how many employees you were able to retain and how much you spent on payroll costs. Updated 4 weeks ago.