June 24, 2020

2020 – 06/19

The Small Business Administration (SBA) continues to help businesses recover from the effects of the COVID-19 crisis. Taxpayers can apply for SBA loans through the Paycheck Protection Program (PPP) and, if they meet certain criteria, receive loan forgiveness. Subsequent legislation eased the criteria, giving borrowers more time to use the proceeds and more discretion in spending on nonpayroll expenses. Now, the SBA and the U.S. Treasury Dept. have simplified the application for PPP loan forgiveness for certain borrowers who are self-employed or have no employees. Here’s the simplified form (https://bit.ly/2YcKfLk) or a shorter version of the regular application (https://bit.ly/30X8mzI).