April 27, 2020

2020 – 04/27

On April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act, which provides additional funding for the Paycheck Protection Program (PPP). The law includes $310 billion more for the small-business loan program, as well as additional funding for hospitals and testing. There are no tax provisions in the new law. The PPP ran out of money shortly after it started in early April. Loans will be forgiven as long as: 1) the proceeds are used to cover a certain percentage of payroll costs, and most mortgage interest, rent and utility costs over the 8 week period after the loan is made; and 2) employee and compensation levels are maintained.