The Paycheck Protection Program (PPP) established by the CARES Act, is implemented by the Small Business Administration with support from the Department of the Treasury. The PPP provides small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead.
*RECENT UPDATES:
- Signed by the President on March 30, 2021, the PPP Extension Act of 2021 gives businesses until 5/31/2021 to apply for a PPP loan. Based on available funding, the current lending rate, and pending applications, the SBA projects that funding may last only until mid-April.
- 2/22/21: Biden Administration Announces Changes to PPP to Further Promote Equitable Access to Relief. Details are shared in this statement, which was released by The White House following the announcement.
Small Business Paycheck Protection Program:
Program Overview:
- U.S. Department of the Treasury: Paycheck Protection Program Overview
- Paycheck Protection Program and Health Care Enhancement Act
- SBA: Paycheck Protection Program
- PPP Flexibility Act of 2020 passed on June 5, 2020
2021 PPP Program Rules:
- Paycheck Protection Program FAQ’s as of April 6, 2021
- Top-line Overview of First Draw PPP, 1/8/2021
- Top-line Overview of Second Draw PPP, 1/8/2021
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act, 1/6/2021
- Interim Final Rule on Second Draw Loans, 1/6/2021
- Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act, 1/19/2021
- Interim Final Rule on Loan Amount Calculation and Eligibility, 3/4/21
- Interim Final Rule on Paycheck Protection Program as Amended by American Rescue Plan Act, 3/18/21
- Interim Final Rule on COVID Revenue Reduction Score, Direct Borrower Forgiveness Process, and Appeals Deferment, 7/28/2021
- Complete List of Interim Final Rules
2021 Applications & Instructions:
- Borrower Application Form, revised 3/18/2021
- Borrower Application Form – Schedule C Filers Using Gross Income, effective 3/18/21
- How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type, 3/12/2021
- Second Draw Borrower Application Form, 3/18/2021
- Second Draw Borrower Application Form – Schedule C Filers Using Gross Income, effective 3/18/21
- Second Draw PPP Loans – How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide, 3/12/2021
- PPP – Loan Forgiveness Application and Instructions – Form 3508S/for loans of $150K or less, 7/30/2021
- PPP – Loan Forgiveness Application and Instructions – Form 3508EZ, 7/30/2021
- PPP – Loan Forgiveness Application and Instructions – Form 3508, 7/30/2021
2020 PPP Program Rules:
- Paycheck Protection Program FAQ’s as of April 6, 2021
- Paycheck Protection Program FAQ’s on Loan Forgiveness as of October 13, 2020
- PPP Full List of Updated Interim Final Rules
- Interim Final Rule on Loan Forgiveness, 5/22/2020
- Interim Final Rule on Revisions to the Third and Sixth Interim Final Rules, 6/17/2020
- Interim Final Rule on Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule, 6/22/2020
- Interim Final Rule on the Simpler Forgiveness Process for Loans of $50,000 or Less
- Complete List of Interim Final Rules
Previous 2020 Versions of Applications & Instructions:
- PPP Simpler Loan Forgiveness Application Form 3508S/for loans up to $50,000, Released October 8, 2020
- PPP Simpler Loan Forgiveness Application Form 3508S/for loans up to $50,000 Instructions, Released October 8, 2020
- PPP Borrower Application Form, Revised June 24, 2020
- PPP Loan Forgiveness Application, Revised June 16, 2020
- PPP Loan Forgiveness Application Instructions, Revised June 16, 2020
- PPP Loan Forgiveness Application Form 3508EZ
- PPP Loan Forgiveness Application Form 3508EZ Instructions
Additional Resources:
- Commonwealth’s PPP Loan Forgiveness Coach Program – Learn how a Commonwealth Coach can help you find and organize the data you need to complete your application, while making the right choices to maximize your forgiveness.
- Webinar: Surviving the PPP Loan Forgiveness Application – Recorded on August, 26, 2020, this session features Jeff Plakans, President of Commonwealth Payroll & HR and Stephanie Franklin, Commonwealth’s PPP Compliance Expert as they share the latest updates and strategies for completing the loan application. Follow the webinar link and after submitting the contact form you will gain access to our most recent webinars including this session and its presentation slides.
- Article: SBA & Treasury Release Guidance for the Next Wave of PPP Loans
- Article: Congress Passed COVID-19 Relief Package: What’s Next?
- Article: SBA’s PPP Loan Necessity Questionnaires: What’s Ahead and How to Prepare
- Article: What’s in Store for the PPP?
- Article: 3 Unintended Consequences of the Paycheck Protection Program and it’s Ongoing Changes
- Article: Fear & Loathing on your Paycheck Protection Program Forgiveness Application
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