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Your Questions on PPP2 and PPP Loan Forgiveness Answered
Posted by Jake McDonald on Fri, Jan 29, 2021 @ 04:43 PM

The Paycheck Protection Program (PPP) while popular, left borrowers and lenders with a great deal of questions. Incremental guidelines from the Small Business Administration (SBA) that is administering the federal funds for COVID-19 relief, the IRS, and most significantly, Congress, have answered some of the most pertinent, but the need for further clarification on provisions remain. Some of the most significant questions involve how loan recipients can have their PPP (or if they access the new funding, PPP2) loans forgiven and what proof of documentation may suffice for those loans to be eligible for forgiveness. Keep in mind that the original rules and guidelines of the PPP are in place unless otherwise revised.

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Topics: not-for-profit, NFP, COVID-19, PPP, SBA, PPP Loan Forgiveness, FTE, Covered Period, PPP2, gross revenue, corporate, eligible expenses, payroll, partial loan forgiveness

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