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PPP adjusted to prioritize very small businesses

PPP adjusted to prioritize very small businesses

When the Small Business Administration (SBA) launched the Paycheck Protection Program (PPP) last year, the program’s stated objective was “to provide a direct incentive for small businesses to keep their workers on the payroll.” However, according to federal officials, the recently issued second round of funding has distributed only a small percentage of the $15 billion […]

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ECONOMIC AID ACT REBOOTED

Economic Aid Act Rebooted (PPP Loan 2)

The U.S. Small Business Administration (SBA) and Treasury issued guidance late Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance came in the form of two interim final rules (IFRs): The IFR “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended”, which consolidates the rules for PPP forgivable loans for first-time borrowers and […]

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PPP Loan Forgiveness Simplified

Reminder: PPP Forgiveness Simplified for Loans of $50,000 or Less

The interim final rule (IFR) released by the Treasury and the U.S. Small Business Administration (SBA) this past October provides guidance concerning forgiveness and loan review processes for PPP loans of $50,000 or less. Under the IFR, PPP borrowers of $50,000 or less are exempted from any reductions in forgiveness based on: Reductions in full-time-equivalent (FTE) […]

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