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As the Paycheck Protection Program (PPP) has come to a close and most loan forgiveness decisions have already been made, NEWITY is here to answer some final FAQs going into the start of 2023.
The Paycheck Protection Program (PPP) was implemented to provide financial relief to U.S. businesses during the COVID-19 pandemic. According to the latest data from PandemicOversight.gov, there were a total of 11.5 million PPP loans issued, of which 10.5 million were fully or partially forgiven with an average forgiveness amount of $72,100. What happens if your business received less forgiveness than expected – or none at all – on your PPP loan? This article outlines your options.
The Paycheck Protection Program (PPP) was created to provide financial relief to U.S. businesses during the pandemic. If your PPP loan was selected for SBA review, keep reading to learn more about the different types of SBA reviews, the documents that you may need to provide, and the associated recordkeeping requirements related to your loan.
More than 11.5 million Paycheck Protection Program (PPP) loans were issued as financial relief during the COVID-19 pandemic. Loans are forgivable for businesses that used the funds for intended purposes and subsequently submitted loan forgiveness applications. To date, 10.2 million of the 11.5 million loans have been fully or partially forgiven. But what about the remaining loans? What happens if businesses don’t apply for loan forgiveness?
The Paycheck Protection Program (PPP) was an extremely popular financing option for many U.S. small businesses during the COVID-19 pandemic, as it offered favorable terms, including full or partial forgiveness if funds were used within program guidelines. With the Paycheck Protection Program in the rearview mirror, many small businesses are now wondering where to look next for capital to help fund their operations. Depending on what you want to do with your business, the SBA may offer another attractive source of capital.
If you are an Independent Contractor, Self-Employed Individual, or Sole Proprietor with no employees, your payroll costs are calculated straight from your Schedule C.
If your PPP loan amount is $150,000 or less, you qualify to file for forgiveness using Form 3508S which is a one-page simplified version of Form 3508.
A new process to allow PPP borrowers to request an SBA loan review of partial approval forgiveness decisions issued by their PPP lenders.
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