New Year, New PPP
Experts explain details of the second draw for the Paycheck Protection Program and answer lingering questions about taxability By James F McClister | February 22, 2021
The Small Business Administration’s (SBA) Paycheck Protection Program came at a time last year when businesses needed it most some of the details came later.
Across-the-board pay cuts were planned at Normandy Remodeling when the SBA announced the PPP last spring, and indeed the cuts went into effect for three weeks until owner Andy Wells and his team were approved for a $1.2 million loan through the program. The pay cuts were reversed and wages retroactively restored.