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The Consolidated Appropriations Act, 2021 (the “Act”), which was signed into law on December 27, 2020, includes several updates to the Paycheck Protection Program (the “PPP”) originally established by the Coronavirus Aid, Relief, and Economic Security Act (as modified by the Paycheck Protection Program Flexibility Act of 2020, the “CARES Act”). The Act appropriates $284,450,000,000 for PPP loans (including second draw PPP loans for prior recipients, as described below), allows for certain prior recipients of PPP loans to apply for and receive up to $2,000,000 in new second draw PPP loans, expands the categories of eligible uses for PPP loans, establishes tax deductibility of expenses paid with PPP loan proceeds, adds flexibility in determining the covered period and streamlines the forgiveness process for PPP loans up to $150,000. The PPP provides forgivable loans to small businesses administered by the U.S.
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In this June file photo, President Donald Trump poses for a photo after signing the Paycheck Protection Program Flexibility Act during a news conference in the Rose Garden of the White House in Washington. (AP Photo/Evan Vucci, File)
NEW YORK, NY Thousands of minority-owned small businesses were at the end of the line in the government s coronavirus relief program as many struggled to find banks that would accept their applications or were disadvantaged by the terms of the program.
Data from the Paycheck Protection Program released Dec. 1 and analyzed by The Associated Press show that many minority owners desperate for a relief loan didn t receive one until the PPP s last few weeks while many more white business owners were able to get loans earlier in the program
Reauthorization and Revival of the Paycheck Protection Program natlawreview.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from natlawreview.com Daily Mail and Mail on Sunday newspapers.
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Most Paycheck Protection Program (“PPP”) borrowers are working toward full forgiveness of their PPP loans and are anxious to get this process started. A borrower generally may submit a loan forgiveness application any time on or before the maturity of the loan including before the end of the covered period if the borrower has used all of the loan proceeds. But that does not mean a borrower should submit a loan forgiveness application as soon as possible. There are many considerations you should take into account when deciding when to submit forgiveness applications to the lender. Patience and adequate preparation might be more than just virtues in the PPP loan forgiveness context; they might lead to financial benefits for borrowers as well. This article discusses the timing considerations and other items that might affect a borrower’s decision to submit the loan forgiveness application to its lender.