Paycheck Protection Program Loans

The Economic Aid Act was signed into law on December 27, 2020.  The Act authorizes the Small Business Administration (SBA) to provide another round of lending under the Paycheck Protection Program (PPP).  Among other things, the Economic Aid Act will reopen the application portal for companies or individuals who have not previous received a PPP loan (PPP First Draw Note), and also add a secondary program titled Paycheck Protection Program Second Draw Notes.

Paycheck Protection Program First Draw Notes

Forgiveness qualifications are very similar to the first round, with qualifying expenses being expanded to include personal protective equipment and some other expenses.  The covered period continues to be 8-24 weeks.  In order to qualify for full forgiveness, payroll qualifying expenditures (payroll, health insurance, retirement contributions, etc.) must comprise 60.0% of the loan amount.

Paycheck Protection Program Second Draw Notes

Forgiveness qualifications are very similar to the first round, with qualifying expenses being expanded to include personal protective equipment and some other expenses.  The covered period continues to be 8-24 weeks.  In order to qualify for full forgiveness, payroll qualifying expenditures (payroll, health insurance, retirement contributions, etc.) must comprise 60.0% of the loan amount.

Application Types

SBA Form 3508S PPP Loan Forgiveness Application

SBA Form 3508EZ PPP Loan Forgiveness Application

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