One of the more significant PPP loan forgiveness updates for 2021 is latest round of PPP funding adds more eligible forgivable expenses, so more small businesses may take greater advantage of this relief package. There have been many updates to the original PPP terms over the course of the program.
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PPP forgiveness update for 2021 adds additional eligible expenses Let’s go over the key points and hopefully clear up any confusion. Since the Paycheck Protection Program has been renewed several times over the course of the coronavirus pandemic and the resulting financial crisis, many people are confused about the rules for PPP forgiveness in 2021. Read our article for more details on these most recent updates. The SBA is extending the loan deferment period for those PPP loans where the borrower has filed a timely appeal of a final SBA loan review decision with the SBA Office of Hearings and Appeals.The SBA is further streamlining the forgiveness process for second-draw PPP loans of $150,000 or less by allowing lenders in certain cases to use a new COVID Revenue Reduction Score (assigned by the SBA) at the time of forgiveness to document the required revenue reduction and.Check the SBA’s list of PPP lenders who have opted-in to the SBA PPP Direct Forgiveness Portal.
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For full details, read our post about the new SBA PPP Direct Forgiveness Portal and other recent rule changes. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S. The SBA has established an online PPP forgiveness platform called the SBA PPP Direct Forgiveness Portal.
URGENT PPP FORGIVENESS UPDATE: On July 28, 2021, the SBA announced big news (for most PPP borrowers).
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