The Lastest PPP Announcements
COVID-19 Relief Bill: What It Means for PEOs & Small Business
December 27, 2020
On December 27, 2020, President Trump signed the omnibus spending bill, the Continuing Appropriations Act, 2021) that included $1.4 trillion to fund the federal government and $900 billion of additional COVID relief.
Paycheck Protection Program Reopens
- Program reopens for new borrowers. Click here for the recently updated application.
- Creates a second loan from the Paycheck Protection Program, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million. To qualify a business must have less than 300 employees and have had at least a 25% reduction in gross receipts. Click here for the new application.
What are the new Tax Provisions?
Will there be changes to Unemployment Insurance?
PPP Forgiveness Loans
October 8, 2020
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
Click here to view the simpler loan forgiveness application.
Click here to view the instructions for completing the simpler loan forgiveness application.
Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
June 17, 2020
As announced in a recent press release published by the U.S. Department of Treasury, the SBA posted a revised, PPP loan forgiveness application implementing the PPP Flexibility Act of 2020.
The EZ application requires fewer calculations and less documentation for eligible borrowers. Details regarding the applicability of these provisions are available in the instructions of the new EZ application form.
Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period. These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.”
Our HR business partners have prepared documents to assist our clients with the Paycheck Protection Program loan process.
Please contact your HR business partner to get the documentation listed below to complete your PPP loan application.
The PPP Loan Forgiveness Webinar Series
Groom Law Group Principal, Seth Perretta provides an update on the latest legislative developments from Capitol Hill. Also in a three-part webinar series, Seth walks us through the various components of the application and shares the latest legislative updates surrounding PPP loan forgiveness from Capitol Hill.
Check out our video to learn more about the Paycheck Protection Program and Loan forgiveness process. Hear about recently enacted Legislation (Paycheck Protection Program Flexibility Act), new forms, and SBA/Treasury Guidance and issues for employers/borrowers to keep in mind.