On Sunday, December 27, 2020, President Trump signed a bill providing a long-awaited second COVID-19 relief package (“Relief Package”). The Relief Package contains a number of key provisions impacting employers as of January 1, 2021: 1. It offers a new round of forgivable PPP loans of up to $2 million to employers with less than…
On Friday, May 15th, the SBA issued the Loan Forgiveness Application that PPP borrowers must use to calculate and report how much of their PPP loan will be forgiven. The Application and accompanying instructions address several areas of borrower uncertainty for which the SBA had previously failed to offer specific guidance.
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