The Paycheck Protection Program Flexibility Act has made it easier for businesses to receive loan forgiveness by relaxing some of the requirements that were initially established when the PPP Loan program was created by the CARES Act. To help maximize the loan forgiveness your business is eligible for, we’ve put together 6 tips.
Category: SBA PPP Loan Resource Center
With all the paperwork and changes to the Small Business Administration's Paycheck Protection Program, we know it is hard to keep track of dates. To help you prepare, we've put together a list of dates and deadlines to help you maximize your loan forgiveness.
On Friday, June 5, the PPP Flexibility Act (PPPFA) was signed into law. The primary benefit of this new legislation for Paycheck Protection Program loan borrowers is that it gives them additional time to qualify for loan forgiveness and eases the requirements surrounding the percentage of loan proceeds that must go toward payroll in order to receive forgiveness. Here are a few highlights so you can begin to decide which course of action is best for your business.
On Friday, May 15, the Small Business Administration (SBA) issued the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans along with a list of instructions for completing the application. Last week, we provided a Refresher on Eligible Expenses for PPP Loan Forgiveness. We now turn our attention to documentation the SBA requires you to provide in order to verify your eligible payroll and non-payroll expenses.
On Friday, May 15, the Small Business Administration (SBA) issued the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans along with a list of instructions for completing the application. Included in these instructions was guidance on costs that are eligible for loan forgiveness. Depending on when you initially applied for your PPP loan, your memory of the eligibility guidelines may be beginning to fade. Plus, some of the initial requirements have been revised by the SBA recently. As a result, we thought revisiting cost eligibility with our PPP loan customers would be helpful as they begin to work on the application.