PPP Updates: Calculation of the Loan Amount and Use of Loan Proceeds for Individuals Who File IRS Form 1040, Schedule C and Revisions to Eligibility Rules | Hinshaw & Culbertson LLP jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
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After the Paycheck Protection Program (the PPP ) was
established in The Coronavirus Aid, Relief, and Economic Security
Act (the “CARES Act”), enacted on March 27, 2020,
debtors in bankruptcy cases applied for PPP loans. The Small
Business Administration (the SBA”) opposed PPP loans
for debtors, and courts were split as to whether the SBA could
block debtors from qualifying for and receiving PPP loans. Then
Congress passed the Consolidated Appropriations Act, 2021 (Act)
(Pub. L. No. 116-260), which was signed into law on December 27,
2020 (the “CAA”). The CAA amends the United States
by David Snedeker, Northeastern Vermont Development Association
As you have likely heard there will be funding for local governments in the American Rescue Plan Act passed by Congress and signed into law. Your can find the bill here: American Rescue Plan Act . Title IX, Part 8, Subtitle M, Section 9901, Sections 602 and 603 are the most relevant Here, but there are a number of community services that are supported throughout the bill that may not be municipal in nature, but which will support community needs.
The exact amounts that will be available, the eligible uses, and the means of distribution of funds are not clear at this point, but it does appear that the funding will have a 3-year lifespan (i.e., expiration in 2024.) As guidelines are developed at the federal and state levels, and as we learn more, we ll pass along information to you as quickly as possible.
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Borrowers seeking to apply for First Draw Paycheck Protection
Program (PPP) loans or Second Draw (PPP2) loans are required to
certify on loan applications that current economic
uncertainty makes this loan request necessary to support the
ongoing operations of the borrower or applicant. That necessity certification as it has come to be known, is
riddled with amorphous language that has proven to be a source of
confusion and ambiguity for borrowers from its inception. The
SBA initially offered vague, interpretive guidance to public and
Accountants Are Helping Clients Navigate PPP Challenges, But March 31 Deadline Looms forbes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from forbes.com Daily Mail and Mail on Sunday newspapers.