New Stimulus Ppp Requirements

In other words if you got a 10k eidl grant advance in 2020 you had to subtract that amount from your ppp loan forgiveness amount. This revenue reduction requirement is new. This requirement adjusts for businesses created in 2020.

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The new bill also dramatically simplifies the application for loans under 150k.

New stimulus ppp requirements. First they must have used the full amount of their first ppp loan or plan to do. In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic. Business owners who are interested in taking advantage of the second draw option have a few additional requirements.

New york for nancy sinoway a second coronavirus relief loan would increase the. Here s when applications open for small business covid 19 relief. On december 27 2020 president trump signed the caa into law.

Article continues below advertisement for seasonal employers the maximum amount of ppp loans is based on the average monthly payroll costs for a 12 week period selected by the borrower. Second stimulus act revives ppp loans. The paycheck protection program business loans account is a new stimulus package designed to help companies retain workers by covering eight weeks of payroll plus some other costs of remaining in.

Borrowers must show revenue loss from at least one quarter of 2020 to the same quarter in 2019. This article summarizes a number of provisions in the 5 593 page act that are important to nonprofit organizations including churches. The new bill repeals section 1110 e 6 of the cares act which required ppp borrowers to deduct the amount of their eidl advance from their ppp forgiveness amount.

On october 8 2020 the sba along with the treasury department issued new guidance allowing borrowers. The following is a high level view of the ppp provisions. The new round of ppp or ppp2 as some are calling it contains many similarities to the first round of the ppp but also has several important differences.

Who is eligible to apply. Under the new rules you just need to sign and submit to the lender a certification that provides. The sba has 90 days to approve the application or request more information from the borrower.