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PPP Loan Forgiveness Update. If small businesses have any questions regarding submission of loan forgiveness applications, they should contact their lenders under the PPP. Automatic PPP loan forgiveness has been floated a couple of times. PPP Update. How to get PPP 2? PPP Loan Update: The SBA issued has new “Interim Final Rules” on January 6 and January 19, which help clarify the new round of PPP Loans authorized by the year-end Consolidated Appropriations Act, 2021 (the “Act”). We at Reconciled Solutions want to give you an update on the PPP Loan Forgiveness Process. Date and Time: Thursday, March 25, 20201, 10:00 am – 1:00 pm EST. In addition to updating the 3508S, there are updated versions to the 3508EZ and the 3508 applications. PPP 2. The main change is an extension to the 8-week covered forgiveness period. PPP 2.0. PPP Loan Forgiveness Update: Simpler Form, New Rules. Second Round of PPP. For example: if you received a PPP loan in May 2020 and elect a 24-week forgiveness period, you should apply for forgiveness no later than August 2021 to avoid debt payments. Not Enrolled. The SBA’s FAQS on PPP Loan Forgiveness, as updated on August 11, 2020, are available here. New applications were not accepted after August 8, 2020, most earlier loan recipients completed their 8-week covered period over the summer, and the pace of revisions to the program finally slowed down. Last month the SBA provided additional flexibility to PPP Loan recipients that you may want to consider. The revisions to the Form 3508S include the elimination of the requirement to submit supporting documents to the Bank as part of your forgiveness application. PPP Forgiveness Update. We will notify you by email and in the Square Dashboard when your application is ready. The Small Business Administration (SBA) has recently issued guidance related to PPP loan forgiveness for loans of $50,000 or less. Previously, sole proprietors were able to apply for a PPP loan using their 2019 or 2020 net income as reported on a Schedule C. But changes were made on March 3, 2021 that affected the PPP loan calculation process. If you need more assistance with your financial management or tax filings, we’ve got your back. This form offers a blanket SAFE HARBOR from reductions in forgiveness; however, it is NOT blanket forgiveness! To our Clients and Friends, Last Friday (May 15, 2020), the Small Business Administration released its initial PPP Loan Forgiveness Application and related instructions. PPP Loan 2. If you didn’t have any other payroll expenses factoring into your PPP loan amount, this means your entire PPP loan could be forgiven for the 24-week period. Most recently, it came up in the updated version of the HEROES Act passed in the House last week. Frequently Asked Questions About PPP Loan Repayment. We have updated our PPP loan forgiveness application portal to reflect SBA guidance and have resumed sending invitations to apply for PPP loan forgiveness to borrowers with loans funded in 2020. Congress recently passed a deadline extension for PPP loan applications until the end of May that allows us to resume accepting applications. You will receive an email invitation from PNC once we are ready for you to apply for forgiveness under the terms provided for in the new guidance. Fill out the form to get Sutton's 42-page slide deck packed with information on the latest regulations including: Clarity on the 8-week period SBA FAQs. If your business or sole proprietorship received a PPP loan before June 5, 2020, you’ll most likely need to repay any unforgiven amounts within about two years. By: Wendel Rosen LLP | 11/12/2020. We’ll also let you in on a proven success strategy to ensure your forgiveness applications are approved. Who gets automatic PPP Loan forgiveness Our latest webinar will teach you what’s changed, how to fill out your forgiveness forms and the best way to identify your covered period. New Alternate PPP Loan Forgiveness Application. The SBA announced new updates to PPP Loan Forgiveness- and it's easier than before! Here are the main points on full loan forgiveness for self-employed people up to $20,833. a streamlined form for the loans up to $150,000). Until you hear from us, there’s nothing you need to do. Update on the PPP Loan Forgiveness Application For businesses who received a PPP loan of $50,000 to $150,000, we expect to begin rolling out forgiveness applications (Form 3508S) starting March 8, 2021. FUNDING: The PPP loan application deadline has been extended. By Steve Bunch; February 9, 2021 ; Applying for forgiveness for your PPP loan is now a lot easier, and there’s also other good news about your loan, tax credits, and other changes. A borrower of a PPP loan of $50,000 or less may use a new SBA Form 3508S to apply for loan forgiveness. AgCountry Requirements Effective Immediately: AgCountry asks borrowers to only use the 2021 forms when applying for PPP loan forgiveness. Now that funds have been dispersed for the CARES Act PPP, regulations on loan forgiveness are coming out. Quick Recap: 100% of the PPP loans (principal and interest) are eligible to be forgiven, so long as borrowers used the money to maintain their payrolls at about the same levels as before the COVID-19 outbreak and spend their PPP loan within the PPP guidelines. $59 Get Started. So there you have it, we gave you some quick updates for the PPP forgiveness application in 2021. Update on PPP Loan Forgiveness. These are intended to be used for either a First Draw or Second Draw loan forgiveness. The latest news is that the SBA released the 3508S form on Thursday, October 8, 2020, which is intended for borrowers with loans under $50k. Simple forgiveness for PPP loans under $150,000 Revisions to PPP in the December 2020 coronavirus relief bill require that any business that had a loan worth less than $150,000 can fill out a simplified one-page application. forgiveness application for all PPP loans of $150,000 or less. Forgiveness Guidance update Materials. If you are using an 8-week forgiveness period, you can claim 8 weeks’ worth of your 2019 or 2020 net income or gross income as owner compensation replacement (or “proprietor costs”). Starting on February 16th 2021, if your business took out a PPP loan of one-hundred-and-fifty-thousand dollars or less last year, you can apply for forgiveness. Bank of America is introducing a simple way to apply for Paycheck Protection Program, or “PPP,” loan forgiveness. PPP Loan Provisions and Forgiveness Update (PPPLP-032521-W) by CPE Connect | Mar 17, 2021. STATUS UPDATE AS OF APRIL 29, 2021. In light of latest PPP guidelines, self-employed people and independent contractors now get the whole loan forgiven automatically. In addition, it also issued new versions of the three forgiveness application forms (incl. Update on the PPP Loan Forgiveness Application For businesses who received a PPP loan of $50,000 to $150,000, we expect to begin rolling out forgiveness applications (Form 3508S) starting March 8, 2021. The date of the loan is the most important consideration for borrowers with questions about PPP loan repayment. The lender will notify the borrower of the loan forgiveness amount or that no amount is forgiven, and the date on which the borrower’s first payment is due, if applicable. 6 New PPP Loan Forgiveness Updates It has been awhile since we updated our clients and friends about the Payroll Protection Program (PPP). How sole proprietor PPP loans are calculated. The Small Business Administration (SBA) released a slew of PPP guidance and updates yesterday, including the new simplified, one-page application for borrowers of loans … PPP Update: Loan Forgiveness and Paying Off Your Loan. PPP Loan Forgiveness Just Got Easier Use our detailed resources to make the loan forgiveness process simple. PPP Forgiveness Updates Over the course of 2020, the rules related to PPP loan forgiveness have changed. SBA Guidelines. If you miss the 10-month deadline and end up making PPP debt payments, you will eventually have those payments refunded (assuming your loan is 100% forgiven.) PPP loan forgiveness update: new form 3508EZ and revisions for self-employed individuals . PPP Loan Forgiveness. Current Status. The changes apply to the following: many original PPP loans, that have not yet filed for forgiveness and new first draw and second draw PPP loans. The U.S. Small Business Administration’s Paycheck Protection Program (PPP) is providing an important lifeline to help keep millions of small businesses open and their workers employed during the COVID-19 pandemic.Many borrowers will have these loans forgiven; eligibility for forgiveness requires using the loan for qualifying purposes (like payroll costs, mortgage interest payments, rent, … If the SBA determines that the full amount of the loan is forgiven, it will pay the loan amount to the lender and the lender will mark the PPP loan note as “paid in full.” If you have questions, our experts are here to help. The SBA has given you the option to extend your forgiveness period up to 24 weeks, if you need the extra time to spend the PPP loan funds. Price. If you received an Economic Injury Disaster Loan (EIDL) advance--that is, grant money of up to $10,000--it will no longer be deducted from your PPP loan forgiveness calculation. Sutton Turner has been closely following all of the updates on PPP loan forgiveness. Course. The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. We are updating our forgiveness portal to include the revised 3508S application for PPP loans of $150,000 or less. PPP Forgiveness. We will notify you by email and in the Square Dashboard when your application is ready. There are now two calculations depending on if you have payroll. by Bill Berry on May 21, 2020. As of August 14, 2020, the SBA opened its loan forgiveness portal to lenders. Until you hear from us, there’s nothing you need to do. If the loan is only partially forgiven or not forgiven at all, the loan must be paid off in full before its maturity date. Take this Course. PPP Loan. Who gets automatic PPP loan forgiveness has been floated a couple of times blanket forgiveness a blanket SAFE HARBOR reductions! 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