• Limited to small businesses with 300 or fewer employees.
• Sustained a 30 percent revenue loss in any quarter of 2020.
• Expansion of qualified forgivable expenses to include supplier costs and investment in facility modification.
• Loan forgiveness is simplified for borrowers of $150,000 or less.

The objective is to make the application process similar to the first program. We want to alert you to this proposed legislation to prepare the documentation needed for the application of a new loan. The program will be handled by local banks so documentation may vary from bank to bank. The legislation in its current form has no restriction on prior recipients of a PPP loan as long as you meet the eligibility rule of the current loan program.

Another important item for prior PPP loan recipients is the deductibility of the expenses of a forgivable PPP loan. Congress has stated their intent was to make these expenses deductible but the Treasury Department has been pushing back on this item. We will continue to monitor this legislation and will provide additional guidance if passed.