On March 8, the Federal Reserve announced it is extending its application deadline for Paycheck Protection Program (PPP) loans until June 30, 2021. The announcement that the loan facility that supports the PPP would run through June comes at the end of the temporary restrictions on PPP loan applications. Designed by the Biden administration to give priority access to small businesses, the limitation spanned Wednesday, Feb. 24 through Tuesday, March 9, 2021. During that window, the Small Business Administration was only accepting PPP loan applications from businesses with less than 20 employees.
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Topics:
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
PPP,
charitable contributions,
SBA,
loan forgiveness,
PPP2
The Consolidated Appropriations Act passed on Dec. 27, 2020 provided some much needed COVID-19 relief measures along with its government funding provisions. After much back and forth among Congress about the size and scope of the stimulus package, several opportunities emerged in the final legislation, the first major stimulus package released since the spring’s Coronavirus, Aid, Relief, and Economic Security (CARES) Act. Below are eight actions your organization may want to take as part of its recovery from COVID-19 disruption.
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Topics:
payroll taxes,
FSA,
student loans,
tax credit,
tax legislation,
Paid Family and Medical Leave,
COVID19,
Coronavirus,
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
Employee Retention Credits,
PPP,
charitable contributions,
SBA,
loan forgiveness,
Stimulus,
Employee Payroll Tax Deferral,
PPP2
Changes have been made to the Paycheck Protection Program (PPP) to give loan recipients more leeway to qualify for loan forgiveness. President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law after the House and Senate passed it last week.
In addition to providing more breathing room for the loan forgiveness requirements, the PPPFA increases the minimum loan maturity date to five years for PPP loan balances not forgiven. The following takes a deeper dive into what the PPP loan forgiveness requirement now looks like.
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Topics:
Donald Trump,
Trump,
CARES Act,
PPP,
payment protection plan,
SBA,
Small Business Administration,
PPPFA,
payment protection plan flexibility act,
loan forgiveness
One day before the deadline to return Paycheck Protection Program Funds, the Small Business Administration (SBA) updated its loan program’s frequently asked questions to create a safe harbor for recipients of loans of $2 million or less. The last minute safe harbor addition provides relief, but it also raised some additional questions, particularly coming so close to a major deadline.
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Topics:
COVID19,
Coronavirus,
CARES Act,
Coronavirus Aid, Relief, and Economic Security Act,
PPP,
PPP Loan,
payment protection plan,
SBA,
Small Business Administration
