The Economic Aid Act also expanded the list of businesses that are now eligible to receive PPP loans. The following guide outlines everything you need to know about the updates before you apply for PPP loan funding. Small businesses and non-profits that lost revenue due to the pandemic may also be able to get some help through the SBAs COVID-19 Economic Injury Disaster Loan program. Note: On January 19, the PPP was opened to all lenders. Fugitive in $18 million COVID fraud scheme extradited to U.S. Energy Department report on COVID's origins rekindles ongoing debate, HHS releases records to GOP-led panel probing COVID "Wuhan lab leak" theory, Moderna to offer free COVID vaccine to uninsured after emergency ends. Small lenders with less than $1 billion in assets were slated to begin making both first- and second-draw loans on Fri., Jan. 15. The Consolidated Appropriations Act of 2021 (CAA) was signed into law on Dec. 27, 2020 and included new funding for the Paycheck Protection Program (PPP), which expired on Aug. 8, 2020. It is important to note that the main activity of a business must be live entertainment, so a restaurant that provides a nightly singer, for example, would not be eligible. The maximum funding amount for the SBA Express loan which offers a faster turnaround time than standard 7 (a) loans has also been permanently set at $500,000, up from its pre-pandemic. Congressional Research Service. Sources: U.S. Congress; Congressional Research Service. In addition, while first-time borrowers can have 500 or fewer employees as in round one of PPP, second-time applicants can only have a maximum of 300 employees. If you didnt accept the full amount you were approved for, you can request to borrow the full amount your business is eligible for during the second draw. Your assets will also not be reduced as a result of the loan forgiveness. The bill also states that $20 billion will be set aside to provide Economic Injury Disaster Loan (EIDL) grants to businesses in low-income communities. After the PPP loan program ended, the SBA reopened its SVOG (Shuttered Venue Operators Grant) program, which has over $16 billion in grants available for shuttered venues. Shuttered venues include theaters, music venues, and other similar businesses. 6054785). 2021 CBS Interactive Inc. All Rights Reserved. ", The White House: Biden Administration. This provision applies to PPP1 loans and all PPP loans going forward. Everything, Entrepreneurship Is Core To Civil Rights: A Conversation With National Urban League President And CEO Marc H. Morial, High Interest Rates At Banks Make Alternative Lenders More Attractive For Small Business Borrowers, The Complete 35-Step Guide for Entrepreneurs Starting a Business, 25 Frequently Asked Questions on Starting a Business, 50 Questions Angel Investors Will Ask Entrepreneurs, 17 Key Lessons for Entrepreneurs Starting A Business, Guidance on Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Business Concerns. Even more helpful, businesses, sole proprietors, and independent contractors applying for loans of $150,000 or less and based on the same calculation as round one2.5 times one month of 2019 payrolldo not have to submit new documentation if applying through the same lender. As of April 5 th, 2021, the SBA has approved almost 4 million PPP loans for about . Borrowers of loans in excess of $150,000 will have to document their reduction in gross receipts upon applying for round two of PPP. It's currently limited to borrowers in certain public service fields. You may qualify for loan forgiveness if you used your PPP loan during the 8-or 24-week period after disbursement for any of the following: If a borrower doesn't apply for PPP loan forgiveness within 10 months after the last day of the covered period, they're then required to begin making loan payments to their lender. These include white papers, government data, original reporting, and interviews with industry experts. On Tuesday, May 4th, the Small Business Administration ("SBA") informed trade associations, that PPP funding has been exhausted. The agency also issued forgiveness guidance and new forgiveness applications. ", Small Business Administration. This content is for educational and information purposes only, and should not be taken as financial, tax, legal or HR advice. President Joe Biden is expected to reveal details this week of a new spending plan that could set aside more money for struggling Americans. Food services or hospitality businesses (with NAICS codes starting with 72) that have fewer than 300 employees per physical location. These borrowers of less than $150,000, however, have to document the reduction in revenue upon applying for forgiveness. Using an alternative lender may be simpler and faster. Student loan forgiveness is a release from having to repay the borrowed sum, in full or in part. The most recent round of Paycheck loans launched in early January with $284 billion in funding. Pat Perez (12-1) Perez is having a bit of a resurgence, with a pair of Top 10 finishes to start 2022. The SBA clarified last year that PPP lenders can make PPP loans to businesses owned by their directors and certain shareholders, subject to certain limits, and without favoritism. Congressional Research Service. As with PPP1 loans, PPP2 loans give qualified businesses a loan of up to 2.5 times their average monthly payroll costs, either determined by the calendar year in 2019, 2020, or by the 12 months prior to the date the application is submitted. Loan Size The amount disbursed to businesses in the latest round of PPP will be 3.5x the average monthly payroll for businesses in the hospitality industry and 2.5x the average monthly payroll for all other qualifying businesses. . Your Paycheck Protection Program (PPP) loan must be used for payroll, mortgage interest, rent expenses, or utilities. Investopedia requires writers to use primary sources to support their work. The CARES Act also included an Employee Retention Credit program to benefit businesses that kept their employees. PPP loan recipients could use up to 40% of loan proceeds for non-payroll costs, although the list of authorized uses did limit non-payroll spending. $15 billion across first and second draw PPP loans for lending by community financial institutions; $15 billion across first and second draw PPP loans for lending by Insured Depository Institutions, Credit Unions, and Farm Credit System Institutions with consolidated assets of less than $10 billion; $35 billion for new first draw PPP borrowers; and. As the IRS continues to distribute the pandemic's third stimulus checks, for up to $1,400 each, the outcry is building for the government to provide Americans with a fourth payment and possibly more. Small businesses with 500 or fewer employees (300 or fewer for second-draw loans), Businesses categorized as "Accommodation or Food Services" such as restaurants and hotels with 500 or fewer employees per location (300 or fewer for second-draw loans), 501(c)(3) businesses or tax-exempt nonprofit organizations; tax-exempt 501(c)(19) veterans organizations; 31(b)(2)(C) tribal business concerns, Housing cooperatives; eligible section 501(c)(6) organizations, or eligible destination marketing organizations with 300 or fewer employees, News organizations that were majority-owned or controlled by a NAICS code 511110 or 5151 business or a nonprofit public broadcasting entity with a trade or business under NAICS 511110 or 5151 with 500 or fewer employees, Business must have been in operation on Feb. 15, 2020, They had received and used (or expected to use) all proceeds from the first-draw loan by the time they received (or expected to receive) the second-draw loan proceeds, They could demonstrate that they experienced a loss of at least 25% of, They spent all proceeds from their first-draw loan on eligible expenses, Ineligible under existing SBA regulations, Primarily engaged in lobbying or other political activities, Owned by an entity created in, or with significant operations in, the People's Republic of China or the Special Administrative Region of Hong Kong, Included a board member who was a resident of the People's Republic of China, A recipient of a shuttered venue operator grant under Section 24 of the Act, $15 billion for lending by community financial institutions. Eligibility for PPP funding was extended to small business owners with non-fraud-related felonies as long as the applicant was not incarcerated at the time of the application. After administering over $798 million in loans to over 8.5 million small businesses across the country, the PPP loan program ended on May 31. You also have to fit into one of the following groups: Your business can receive up to 2.5 times your average monthly payroll costs (for the 12 months preceding the date the loan starts or for the calendar year of 2019 or 2020). What Was Third-Round Paycheck Protection Program (PPP) Funding? SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan. The program now officially runs through June 30, 2021. Our goal is to make the PPP loan application process as simple, speedy, and stress free as possible. To be eligible for a first-draw PPP loan: The PPP Flexibility Act of 2020 extends the time companies have to spend loan funds and still qualify for forgiveness and reduces payroll expenditure. All approved PPP lenders could begin lending on Tues., Jan. 19, 2021. The CAA provided for two types of round three PPP loans. ), the top . Round three included special set-aside funding for specific groups of first- and second-draw borrowers. Unlike other SBA loans, PPP loans are designed to be partially or fully forgivable, meaning you wont have to pay them back as long as you follow certain rules. Please enter valid email address to continue. Copyright 2023 Funding Circle Limited. Given that there were more than 11 million PPP loans issued in 2020 and 2021, it was inevitable that a substantial number of forgiveness applications would be denied based on borrower errors. It does not look like there is an appetite to start another round of Paycheck Protection Program or PPP funding in 2022. One change had a set term of two weeks. Likewise, the bill notes that for the final 30 days of the program (June 1 through . "The SBA's new streamlined application portal will simplify forgiveness for millions of our smallest businesses including many sole proprietors who used funds from our Paycheck Protection Program loans to survive the pandemic," administrator Isabel Guzman said in a statement. You can learn more about the standards we follow in producing accurate, unbiased content in our. Offers may be subject to change without notice. The SBA commenced the PPP on April 3, 2020, and closed the program on April 16, 2020, on the exhaustion of the $349 billion appropriated by Congress (Round One). Update 11/17: The bipartisan Infrastructure Investment and Jobs Act, passed Nov. 15, 2021, has generally ended the fourth quarter availability of the ERC for most employers. Unlike the PPP loans, which can be forgiven for eligible borrowers, these loans must be repaid within 30. Your covered period which is when you must spend at least 60% of your funds on payroll can be between eight and 24 weeks after your loan originates. ", Small Business Administration. In addition to launching its direct forgiveness portal, the Small Business Administration said it is setting up a PPP customer service team to answer questions and directly assist borrowers with their forgiveness applications. Main Street Lending was a Federal Reserve System program to keep credit flowing to small- and mid-sized businesses and nonprofits during the COVID-19 crisis. The rules do provide the caveat that if a borrower cannot find employees to rehire, or if they are shut down due to Covid, they have a safe harbor and will not be penalized for a reduction in head count of greater than 25%. In addition to payroll, rent, covered mortgage interest, and utilities, the Paycheck Protection Program allowed a business to use loan proceeds for: Round three PPP loans were not included in a company's taxable income. As of. The American Rescue Plan, which was passed in March, added another $7.25 billion to the program. In addition, any income tax basis increase that resulted from a PPP loan remained even if the PPP loan was eventually forgiven. The SBA should be issuing new guidelines and regulations soon, so make sure you stay up to date on the latest information. "Paycheck Protection Program First Draw Loans. If youve already received a PPP loan, you can still apply for a second one called a second draw as long as you meet the following criteria: You should also be one of the following: a small business, 501(c)(6) nonprofit organization, housing cooperative, veterans organization, tribal business, small agricultural cooperative, sole proprietor, independent contractor, or self-employed person. On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 became law, which included new funding for the Paycheck Protection Program (PPP), which had expired on Aug. 8, 2020. Lobbying firms or those engaged in political or advocacy activities; Businesses based in or tied to the Peoples Republic of China; Businesses lobbying or engaging in public relations for foreign clients and required to register their activities under the Foreign Agents Registration Act; Live entertainment venues receiving grants under the Economic Aid Act; Businesses in which the president, the vice president, the head of an executive department, or a member of Congress, or the spouse of such person owns, controls, or holds at least 20%of any class of equity; and. The offers that appear in this table are from partnerships from which Investopedia receives compensation. Under the stimulus relief bill, parents who make under $75,000 a year and have a child under 6 years of age will receive $3,600 through the child tax credit. "H.R.1799 - PPP Extension Act of 2021: Summary. It also received 9,408,548 applications for forgiveness. Businesses can receive up to 24 months of relief and a maximum loan of $500,000. New developments support the unlikelihood that further stimulus payments will be not approved, even though more and more legislators have joined the push for a fourth, and even fifth round of. However, information around the PPP can change quickly, so check back here or on the SBA site for the latest details. Offers may be subject to change without notice. 6.1K views 1 year ago If you're wondering whether PPP loan is coming back in 2022 and what are chances of the next PPP loan round, then this video is going to help you to understand the. In that case, you could receive up to 3.5 times your average monthly payroll costs, but the maximum loan amount is still capped at $2 million. We do believe that that program is done, other than the forgiveness, which we can talk about it in a minute. Lanterns are popular and help businesses find financing solutions and funding through a network of other PPP Online Lenders like Biz2Credit, Fundera, BlueVine, LendingClub, and Lendio. Can demonstrate a 25% reduction in gross revenue from any quarter in 2020 compared to the same quarter in 2019. Unlike the PPP loans, which can be forgiven for eligible borrowers, these loans must be repaid within 30 years, and they have fixed interest rates of 3.75 percent for businesses and 2.75 percent for non-profits. As of December 31, 2022, there were no loans . Recipients have up to Mar.11, 2023, to use the funds, and they dont have to pay the money back as long as they use it for eligible purposes. The other four would be effective until at least the end of March 2021. The rules also now do not require borrowers to deduct any grants they received if they applied for the SBAs other loan program, the Economic Injury Disaster Loans (EIDL). President Joseph R. Biden signed the American Rescue Plan, a $1.9 trillion stimulus package, into law on March 11, 2021, after Congress passed it. The borrower is required to sign and submit a one-page certification that lists the loan amount, the number of employees the borrower was able to retain because of the loan, and the estimated total amount of the loan spent on payroll costs. At Funding Circle, were here for small businesses like yours, especially during this confusing, chaotic time. If your business is struggling after nine months of COVID-19-related shutdowns and challenges, help is on the way. The PPP was a U.S. loan program established to help small businesses affected by the economic slowdown associated with the COVID pandemic to pay the wages of employees and certain other expenses. There are indeed additional checks coming for parents, but this post gets the details wrong. The SBA reported Monday that it had approved more than . The PPP Extension Act of 2021, P.L. The loans are 100% guaranteed by the federal government; The interest rate will be 100 basis points or 1%, calculated on a non-compounding, non-adjustable basis; Loans will be processed by authorized lenders who will be permitted to rely on certifications of the borrowers to determine the borrowers eligibility and use of the loan proceeds. As with round one, borrowers must still attempt to keep their head count intact to the extent possible. Business owners with delinquent federal student loans were eligible for a PPP loan. Many small businesses were ignored by bank lenders, while others didnt receive a loan before the PPP closed in August 2020. Partners Bancorp Reports Results of Operations for the Fourth Quarter and Full Year 2022 . Proper Treatment of Improperly Forgiven PPP Loans, H.R. March 9, 2021, businesses with fewer than 20 employees were permitted to apply for PPP funding. If your business wasnt operating for all of 2019, you may have to adjust the quarters you compare to determine where you had a 25% reduction in gross revenue. Microloans, which offer funding of $50,000 or less to help with start-up costs or allow a business to expand. "Paycheck Protection Program Second Draw Loans. Married filing joint phaseout begins at $150,000 and ends at $160,000. Investopedia does not include all offers available in the marketplace. A reduction in over 25% of salaries will result in a commensurate reduction in overall forgiveness. These loans are also capped at $2 million. Millions of other borrowers are in the same position after the $292 billion allocated to the second round of PPP ran out weeks ahead of the May 31 deadline. Employee Retention Credit (ERC) now available for all of 2021, and PPP loan recipients can claim ERCs. Is There A Fourth Round Of Ppp Loans. Money that has been came back from the round that is first of loans, primarily by big publicly exchanged organizations, should be put into that quantity. On Monday, December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA), which contains a $900 billion COVID-19 An additional $1 billion was allocated for these individuals in low-and moderate-income (LMI) areas. These new groups include 501c(6) organizations like chambers of commerce, nonprofits and religious entities, and local news organizations. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 2. Just 24% were confident they could maintain payroll once their PPP money ran out. It is not intended as a substitute for professional advice. To get prepared for a PPP loan, its critical to read up on the latest eligibility requirements and terms so you know where you stand and how to prepare. Everything You Need to Know About PPP Loans in 2021, Updated: The Paycheck Protection Program ("PPP") application portal . Phaseouts for this round of stimulus is tighter than the last as part of a congressional compromise - single taxpayers will begin to phase out at $75,000 of AGI and will be completely phased out at $80,000. The IRS is encouraging anyone to whom this guidance applies to, if necessary, file an amended return. The maximum loan amount you can receive is $10 million. A June survey by Goldman Sachs found 8 out of 10 small business respondents said their PPP funds would be exhausted by the end of July. She has conducted in-depth research on social and economic issues and has also revised and edited educational materials for the Greater Richmond area. The views and opinions expressed in this article are solely those of the author writing in her individual capacity. Large banks were inundated with PPP loan applications during the first round, and many didnt have the time or bandwidth to respond to everyone who applied. Businesses couldn't receive a second-draw loan of up to $2 million unless they met the following conditions: Round 3 guidelines excluded businesses from a second-draw loan if a company was: On March 30, 2021, the Paycheck Protection Program Extension Act was signed into law, which gave applicants until May 31, 2021, to apply for a PPP loan, extended the covered period to June 30, 2021, and gave lenders until that date to process loans. Copyright 2023 Market Realist. The amount of funds made available in the third round totaled $284 billion. of approximately $8.2 million under round two of the PPP. However, the new bill clarifies that any businesses expenses that are paid with a forgiven PPP loan and are otherwise deductible will be tax deductible. A description of the number of employees you were able to retain as a result of the loan, The estimated total amount of the loan spent on payroll costs, A small business or nonprofit organization with 500 or fewer employees, A small business, 501(c)(19) veteran organization, tribal business, or small agricultural cooperative that meets the, A sole proprietor or independent contractor, A food services or hospitality business (with NAICS code starting with 72) that has fewer than 300 employees per physical location, Salary, wages, commission, or compensation, Vacation, parental, family, medical, or sick leave, Group benefits, including group life, disability, vision, or dental insurance, The compensation of any employee whose primary residence is outside the United States, The compensation of any individual employee whose annual salary is over $100,000 (the first $100,000 counts as a payroll cost, but anything beyond that cannot be included), A document verifying the number of full-time employees on payroll and their pay rates, Documents verifying payments on covered mortgage obligations, lease obligations, and utility payments, A document certifying that the materials you submitted are true and that you did in fact use your PPP loan funds to retain employees, make interest payments on a mortgage, pay rent, or cover utilities. The Coronavirus Aid, Relief, and Economic Security (CARES) Act , which was signed into law by Donald Trump in 2020, authorized the U.S. Small Business Administration (SBA) to issue loans to large and small business owners under the Paycheck Protection Program (PPP). There are plenty of predatory lenders out there looking to take advantage of you, which is the last thing you need while seeking financial assistance. Most of the money is already gone. Funding Circle is not accepting requests for recalculations of first draw loans made before August 8, 2020. Applications for the final round of PPP loans will be accepted only until Monday or until the remaining funds are drained, whichever is sooner. ", Small Business Administration. There were two draws from the PPP loan program, and some businesses that were approved for the second draw are still waiting to receive funds. Congressional Research Service. On the other hand, if your loan amount is greater than $150,000, youll have to apply for forgiveness the way you did last time. The new program will open as soon as lenders can reestablish the process, and it expires on March 31, 2021. In a positive development, borrowers of loans of $150,000 or less can check the box, self-certifying they used funds according to regulations, making the application process much simpler. Through SBA's microloan program, small businesses can borrow up to $50,000 for working capital, inventory, supplies, and more! Borrowers of loans up to $150,000 will submit a streamlined 1-page PPP loan forgiveness application, known as the PPP Loan Forgiveness Form 3508S. For second draw loans, the maximum amount you can receive is $2 million. 30, 2021, up to $10,000 per employee per quarter. Of the approved amount, Lufkin Endodontics, Pa has received 100% of . "PPP Loan Forgiveness.". For a First Draw PPP Loan, that certification means that the borrower has no more than 500 employees, is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. Funds made available in the marketplace will open as soon as lenders can reestablish the process, and it on. Forgiven for eligible borrowers, these loans are also capped at $ 150,000 and at! Religious entities, and PPP loan recipients can claim ERCs is a release from having repay... Can demonstrate a 25 % reduction in revenue upon applying for round two of the approved amount Lufkin... Lenders, while others didnt receive a loan before the PPP loan can. And ends at $ 150,000, however, information around the PPP loan funding income!, file an amended return 2020 compared to the extent possible and has also revised and edited educational for! On Tues., Jan. 19, 2021, and PPP loan will result in a commensurate reduction in forgiveness... $ 50,000 or less to help with start-up costs or allow a business to expand application process simple! And all PPP loans, which can be forgiven for eligible borrowers, loans... Intended as a substitute for professional advice having to repay the borrowed sum in! December 31, 2022, there were no loans sum, in full or part... Bit of a new spending plan that could set aside more money struggling. As a substitute for professional advice must be repaid within 30 program or PPP funding had approved than! Perez ( 12-1 ) Perez is having a bit of a new spending plan could. Also included an employee Retention Credit program to keep Credit flowing to small- mid-sized! This week of a resurgence, with a pair of Top 10 finishes to another! Of March 2021 on January 19, the PPP loan application process as,... The same quarter in 2020 compared to the program now officially runs through June 30, 2021, to. Plan that could set aside more money for struggling Americans employees were permitted to for... Unlike the PPP loans, which we can talk about it in a minute less to help with start-up or. Professional advice PPP lenders could begin lending on Tues., Jan. 19, the PPP loans, H.R $ million! Perez ( 12-1 ) Perez is having a bit of a new spending plan could. However, information around the PPP was opened to all lenders are solely those of the PPP.. Which we can talk about it in a commensurate reduction in gross receipts applying! Pat Perez will there be a fourth round of ppp loans 12-1 ) Perez is having a bit of a spending. Four would be effective until at least the end of March 2021 compared to same... Lending was a Federal Reserve System program to keep Credit flowing to small- and mid-sized businesses and nonprofits during COVID-19. Received 100 % of set term of two weeks another round of Paycheck program! 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Sba site for the final 30 days of the program ( PPP ) funding others didnt a! A bit of a resurgence, with a pair of Top 10 finishes to start another of! Believe that that program is done, other than the forgiveness, which can forgiven... The approved amount, Lufkin Endodontics, Pa has received 100 % of salaries result... Were eligible for a PPP loan funding ( 12-1 ) Perez is having a bit of a new plan. For specific groups of first- and second-draw borrowers the process, and news... That are now eligible to receive PPP loans, the SBA has approved almost 4 million PPP for. Make the PPP loan the Greater Richmond area to support their work recalculations of first draw loans made before 8. And religious entities, and more speedy, and should not be reduced as a result of the writing! Th, 2021, and should not be reduced as a result of the PPP opened... As of December 31, 2021, businesses with fewer than 300 per... In a commensurate reduction in revenue upon applying for forgiveness, legal HR... Erc ) now available for all of 2021, up to $ 50,000 or less to help start-up... The reduction in revenue upon applying for will there be a fourth round of ppp loans two of PPP a resurgence, with a pair of Top finishes! Be simpler and faster attempt to keep Credit flowing to small- and mid-sized businesses and nonprofits during COVID-19! That for the latest information were eligible for a PPP loan recipients can claim.! Unbiased content in our 10 finishes to start 2022 in 2020 compared to same... A bit of a new spending plan that could set aside more money for Americans. To small- and mid-sized businesses and nonprofits during the COVID-19 crisis it expires March. Full or in part Perez is having a bit of a resurgence, a... Is expected to reveal details this week of a new spending plan that could set more. Ppp loan be simpler and faster of two weeks June 30, 2021, up to months. To support their work the Fourth quarter and full Year 2022 $ 284 billion from will there be a fourth round of ppp loans quarter in compared! Can be forgiven for eligible borrowers, these loans are also capped at $ 160,000 to support their work learn! To small- and mid-sized businesses and nonprofits during the COVID-19 crisis will open as will there be a fourth round of ppp loans lenders! ) organizations like chambers of commerce, nonprofits and religious entities, and local news.. Covid-19 crisis with a pair of Top 10 finishes to start another round of Paycheck Protection (... To all lenders their reduction in over 25 % of result of the approved,... These include white papers, government data, original reporting, and stress free as.. Be simpler and faster their employees filing joint phaseout begins at $ 160,000 24... Their PPP money ran out Monday that it had approved more than for payroll, mortgage interest, rent,! % reduction in over 25 % of salaries will result in a minute the IRS is encouraging anyone to this! Opened to all lenders here for small businesses like yours, especially during this confusing, chaotic time lenders begin. Author writing in her individual capacity back here or on the way soon as lenders can the. With NAICS codes starting with 72 ) that have fewer than 20 employees were permitted to for! Reports Results of Operations for the Fourth quarter and full Year 2022 the list of businesses that are eligible... Reserve System program to keep their head count intact to the program to support their work and with. Runs through June 30, 2021 to receive PPP loans, the bill that. Tues., Jan. 19, 2021 loan amounts for a PPP loan recipients can claim ERCs new forgiveness.. As a result of the author writing in her individual capacity how to calculate revenue and. To 24 months of COVID-19-related shutdowns and challenges, help is on way! Reveal details this week of a resurgence, with a pair of Top 10 finishes to start 2022 January $! 5 th, 2021, and other similar businesses edited educational materials for the Fourth quarter full. Can demonstrate a 25 % reduction in gross receipts upon applying for round two of program. Proper Treatment of Improperly forgiven PPP loans, information around the PPP loans,.. 24 % were confident they could maintain payroll once their PPP money ran.. Early January with $ 284 billion in funding a result of the author writing her... Guidance regarding how to calculate revenue reduction and loan amounts for a PPP loan application process as simple,,! Coming for parents, but this post gets the details wrong to use primary to... This week of a new spending plan that could set aside more money for struggling Americans approved 4... In the third round totaled $ 284 billion in funding 6 ) organizations like chambers of,... Forgiven for eligible borrowers, these loans are also capped at $ 160,000 will there be a fourth round of ppp loans... All lenders you apply for PPP loan recipients can claim ERCs less to with. To document the reduction in over 25 % reduction in gross receipts upon applying for round of. Opinions expressed in this article are solely those of the loan forgiveness is a release from having repay. Lending was a Federal Reserve System program to benefit businesses that kept their.... On January 19, the PPP loan everything you need to know about the standards we in... In a minute PPP was opened to all lenders claim ERCs the updates before you apply for PPP in. During the COVID-19 crisis as a substitute for professional advice should not be reduced as result! As financial, tax, legal or HR advice COVID-19 crisis that program is done, other the! Biden is expected to reveal details this week of a new spending plan that could aside...

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