Ppp Loan Forgiveness New Stimulus Package

This applies to ppp loans made before on or after the date of the enactment of the new bill including the forgiveness of these loans.

Ppp loan forgiveness new stimulus package. The bill which runs over 5 000 pages expands the paycheck protection program ppp which was originally established when the cares act was enacted earlier this year the stimulus bill allocates 284 billion for new ppp loans. The second largest federal stimulus package of 2020 provides 900 billion in covid relief. 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.

Late on december 21 2020 congress passed its latest stimulus package. If your ppp loan was for 150 000 or less there will be a new simple one page form to apply for 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.

Your lender should provide you a link to a form soon in the new year.