Congress Adopted Major Improvements to the PPP Loan Program
Monday, January 11, 2021 7:00 AMClick Here to start your PPP Application
- Extends the deadline for applying for an initial or second round PPP loan until March 31, 2021.
- Creates a new “second round” PPP loan for businesses with at 25% or greater drop in “gross revenues” from a quarter in 2019 to the same quarter in 2020. There are special provisions for businesses not operating all quarters in 2019 or 2020.
- Dramatically simplifies the forgiveness process for loans under $150,000.
- Focuses on smaller businesses and lenders.
- Loan forgiveness expenses will be expanded to include certain supplier costs, operating and other expenses.