Borrowers and lenders are now preparing to process applications for forgiveness of PPP loans. In the past month, the government has taken several steps to convert PPP from a loan program to more of a grant-with-strings program. But borrowers will still be obligated to...
On Tuesday, the SBA limited the sum of owner compensation that may count toward forgiveness of a PPP loan; on the other hand, the agency confirmed that up to $46,154 may count toward forgiveness for any ordinary employee. Congress amended the PPP rules two weeks ago,...
The most generous business-stimulus plan in U.S. history has just become even more enticing. Following President Trump’s signature, the PPP Flexibility Act will practically ensure that a surviving business can receive full forgiveness of its loan. Here are the key...
The PPP Flexibility Act is now heading to President Trump’s desk, following a unanimous vote by the Senate Wednesday evening. The legislation was previously passed by the House, by a 417-1 vote, reflecting a strong desire to expand the forgiveness of small-business...
On Thursday, the U.S. House voted 417-1 to approve sweeping changes to the Paycheck Protection Program, extending the 8-week period to 24 weeks, loosening the 75%/25% payroll expenses ratio, and lengthening the maturity period. Read the entire bill here. My summary of...
For two months, businesses have plotted their course through the PPP framework, outlined in the CARES Act. Just as the 8-week periods for some loans end next week, the forgiveness rules could change significantly. Speaker of the House Nancy Pelosi has scheduled a vote...
Here are my main takeaways from the SBA’s forgiveness application, which was released May 15 and supplemented May 22, and then updated again June 15: Paid vs. incurred Statutory language/previous guidance: The CARES Act said that a borrower will earn forgiveness...
