SBA Releases New, Updated Paycheck Protection Program FAQs

By Jessica Jeane, J.D. posted 03-04-2021 12:06 PM

  

Jessica L. Jeane, J.D.
Director of Public Policy
March 3, 2021

The U.S. Small Business Administration (SBA) has released new and updated Paycheck Protection Program FAQs. The PPP FAQs, released March 3, include changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), enacted under the Consolidated Appropriations Act, 2021 (P.L. 116-260) on December 27, 2020. The SBA is in the process of revising the FAQs to incorporate changes to PPP loan amount calculation and eligibility implemented via the interim final rule released yesterday.

Note. The new FAQs are 57 through 65. Additionally, the prior FAQs have been updated to reflect recent legislative changes to the program, including Second Draw Loans.

The application window for the PPP is scheduled to close this month on March 31.

IFR Docket Number SBA-2021-0010 - Business Loan Program Temporary Changes; Paycheck Protection Program – Revisions to Loan Amount Calculation and Eligibility

SBA Form 2483-C Paycheck Protection Program (PPP) Borrower Application Form for Schedule C Filers Using Gross Income

###
    The core mission of NSA is to help tax and accounting professionals become more successful.

NSA presents this information in the interest of its members for information purposes only and is not intended to provide, nor should it be relied upon, as legal, tax, or accounting advice.




#PPP
0 comments
34 views

Permalink