Stimulus Update And Ppp Forgiveness

My business does not have multiple employees and or i work for myself e g uber drivers doordash couriers.

Stimulus update and ppp forgiveness. In its massive new pandemic relief and stimulus package congress has significantly modified the paycheck protection program ppp to allow for second draws from the program to simplify the loan. President trump has now signed the new coronavirus stimulus legislation consolidated appropriations act 2021 into law. Congress has agreed to a new round of ppp funding for 2021.

Please contact your rs f client advisor for assistance with any ppp stimulus or planning matters as we near the end of 2020 and finally begin 2021. In mid december the us congress passed the consolidated appropriations act of 2021 caa or act which included another 900 billion in stimulus efforts tied to the covid 19 pandemic. For borrowers of less than 150 000 all that will now be needed is completion of an online certification.

Here s what you need to know about the new forgiveness rules and application process. You can get forgiveness for this ppp loan by spending at least 60 on payroll expenses wages salaries retirement group health insurance etc and a maximum of 40 on other. What the new coronavirus stimulus package means for churches new law clarifies ppp loan forgiveness process and extends ppp loan program among other provisions.

As a small business owner myself if i get this ppp money i have no idea how to properl. This in depth webinar details and explains these new tax rules so that tax practitioners will be able to advise their clients regarding changes impacting 2020. Additionally rs f continues to work with clients regarding ppp loan forgiveness and tax planning as well as other provisions of federal stimulus measures and the cares act.

This is a ppp loan and stimulus package update as of april 23 2020.