PPP Second Draw Program Application
11 March

Applying to the PPP Second Draw Program

Another calendar year into the COVID-19 pandemic, the Payment Protection Program (PPP) stimulus initiative is accepting Second Draw loan applications until March 31, 2021. [1] Some things have remained the same: as with the initial administration, loan amounts are based on payroll expenses, and the covered period is eight to twenty-four weeks. Other elements of the program, however, are different. …

16 December

Confused about CARES loans? Clarification from the IRS on the Tax Treatment of PPP Loans

PPP Background: Anticipating the economic consequences of the COVID-19 pandemic, the Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in late March. As a result of this passage, the Payment Protection Program (PPP) afforded a significant loan to small businesses. In its initial stipulation, Congress assured that, in addition to forgiving the principal amount of the loan …