To embed, copy and paste the code into your website or blog:
Following the enactment of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act in December 2020, the Biden administration announced several changes to the Paycheck Protection Program on February 22, 2021 aimed at providing greater access to funds for underserved businesses and communities. This LawFlash discusses these recent changes, highlighting key provisions and guidance for businesses seeking to participate in the program before it officially expires on March 31, 2021 (pending any additional legislation from Congress).
OVERVIEW
On February 22, 2021, the Biden administration released a
fact sheet that instructs the Small Business Administration (SBA) to increase lending to small businesses in need through the Paycheck Protection Program (PPP) with the goal of changing the PPP to further promote equitable access to relief. These announcements come roughly a month before the PPP is set to expire
To embed, copy and paste the code into your website or blog:
The $908 billion stimulus package (COVID-19 Relief Package 2.0) that was signed into law on December 27, 2020, which was attached to a $1.4 trillion spending bill to fund the federal government through September, was an overall triumph for contractors and industry leaders hoping for renewed benefits and relief measures aimed at the construction sector. The second coronavirus recovery package addressed shortfalls in revenue and project cancellations brought on by the pandemic, providing relief for the industry and funding for previously scheduled public works projects and infrastructure improvements.
Among COVID-19 Relief Package 2.0 were numerous provisions that directly and indirectly provided much needed relief for the construction industry. As President Biden’s $1.9 trillion coronavirus relief plan is pending final approval, the industry remains hopeful for further relief and provisions addressing the shortcomings of
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to.
Forgiveness Reductions Based on Salary or Wages
Documents
1. COVERED PERIOD:
The covered period is the period beginning on the date the lender disburses the PPP loan and ending on the date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement (the “Covered Period”). Please note that the option to elect an alternative covered period was removed because the Economic Aid Act provided borrowers flexibility to choose the end of their Covered Period. The Covered Periods for a First Draw PPP Loan and a Second Draw PPP Loan cannot overlap; the borrower must use all proceeds for the First Draw PPP Loan for eligible expenses before disbursement of the Second Draw PPP Loan.
Chris Couch will discuss the following issues:
How the “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act,” enacted on December 27, 2020, and related provisions affect the Paycheck Protection Program.
How the tax treatment for forgiveness of covered PPP loans and EIDL grants has changed.
How the Employee Retention and Rehiring Tax Credit may benefit you.
Please submit your specific questions when you register and the team may address them during the webinar.
Please note: this program is open to McGlinchey
clients and prospective clients only. There is no cost to attend. Login details will be sent to approved registrants.