As you may have heard, Congress has passed the Consolidated Appropriations Act of 2021, so we wanted to share some just-released information as it relates to the SBA and PPP loans. We will keep you informed as additional details are released and finalized, but in the meantime please see a few of the notable updates below:
- EIDL Advance – no longer reducing the amount of the PPP loan forgiveness.
- Deductibility of PPP Funded Expenses – this overturns the IRS ruling that expenses funded with PPP loans were not deductible.
- Expanded PPP Covered Costs – this expands the definition of covered costs to include software, employer personal protection equipment, etc.
- Simplified Forgiveness for loans under $150k.
- PPP Second Draw – an opportunity for eligible employers to receive an additional round of funding.
We know things are changing rapidly and we are working diligently to review all these new and updated guidelines as things are released. If you have any questions about your company's eligibility for these items, please do not hesitate to reach out to your FPC team!
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