Ppp Loan Forgiveness New Stimulus Bill

The good news for most ppp borrowers is that the proposed bill allows for the deduction of these expenses and for loan forgiveness to not be included in income.

Ppp loan forgiveness new stimulus bill. Congress at last passed a second stimulus bill this week as of this. Congress takes lead on ppp in new stimulus bill defying treasury. Trump had said he would not sign the bill because he wanted 2 000 stimulus checks for individuals instead of the 600 in the legislation.

In order to receive a second draw ppp loan eligible entities must employ 300 or fewer employees and have used or will use the. New stimulus bill includes second round of ppp loans for small business and forgiveness rule changes favorable to borrowers. If you already have an existing sba section 7 a or 504 microloan then you can get up to eight months of forgiveness three months plus an additional five months if you re in a hard hit industry such as food service and accommodation arts entertainment and recreation and education as well as laundry and personal care services of principal and interest payments all capped at 9 000 a month.

Forgiveness is not automatic. President donald trump on sunday night signed into law the 900 billion covid 19 relief bill passed dec. And borrowers that are s.

You still must apply but for loans of 150k or less you can use a one page certification.