President Biden has announced changes to the Paycheck Protection Program 2.0 (PPP) designed to direct more funding to women-owned and minority-owned businesses as well as low- and moderate-income, rural, and other underserved...more
3/1/2021
/ Biden Administration ,
CARES Act ,
Coronavirus/COVID-19 ,
Independent Contractors ,
ITIN ,
Loan Forgiveness ,
Minority-Owned Businesses ,
Nonprofits ,
Paycheck Protection Program (PPP) ,
SBA ,
Self Employed ,
Small Business ,
Taxable Income ,
Women-Owned Businesses
The CARES Act established the Paycheck Protection Program (“PPP”) under Section 7(a) of the Small Business Act (Section 7(a)) to provide forgivable loans that are fully guaranteed by the Small Business Administration (“SBA”)...more
UPDATE: On June 5, 2020, the Paycheck Protection Program Flexibility Act (H.R. 7010) (the Flexibility Act) was signed into law, and on June 11, 2020, the Small Business Administration (SBA) released a revised interim final...more
On May 22, 2020, the U.S. Small Business Administration (“SBA”) released two Interim Final Rules (“IFRs”) providing additional guidance on Payment Protection Program (“PPP”) loan forgiveness rules and the procedure by which...more
The federal government has committed $670 billion dollars in forgivable loans to small businesses under the Paycheck Protection Program (“PPP”), which was part of the Coronavirus Aid, Relief, and Economic Stability Act (the...more