Stimulus Package Update Ppp Forgiveness

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.

Stimulus package update ppp forgiveness. Please be sure to check back for updates. Ppp set asides for certain small businesses. 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 following summarizes the paycheck protection program ppp 2 provisions of the new stimulus law. Forgiveness of a ppp loan would not result in the. The small business administration sba has 10 days to issue guidance on the application process.

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 qualifying expenses during an 8 or 24 week period. 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. The ppp program closed on august 8 2020 after approximately 5 2 million businesses applied for and received the loans.

December 29 2020 the consolidated appropriations act of 2021 has been signed into law by the president. Online ad index. The second largest federal stimulus package of 2020 provides 900 billion in covid relief.