Congress Adopted Major Improvements to the PPP Loan Program

Monday, January 11, 2021    7:00 AM

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PPP-4 includes:

  1. Extends the deadline for applying for an initial or second round PPP loan until March 31, 2021.
  2. 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. 
  3. Dramatically simplifies the forgiveness process for loans under $150,000.
  4. Focuses on smaller businesses and lenders.
  5. Loan forgiveness expenses will be expanded to include certain supplier costs, operating and other expenses.