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UPDATED PPP FORGIVENESS RULES FOR NEW LEGISLATION
- Extends the covered period (date at which the access to PPP funds will end) to December 31, 2020, from June 30, 2020 (of note, there is approximately $130 billion remaining to be allocated under authorized PPP funds.)
- There are now two forgiveness periods, the original 8 week period and a new extended 24 week period.
- If you choose the 24 week period instead of the 8 week period, 100% of the PPP loan given to a sole proprietor with no other payroll can be forgiven!
- The minimum 75% rule spent towards payroll costs to be eligible for full forgiveness has been decreased to 60%.
- Extends the deferral period (P&I) from 6 months to a date that is the earlier of the date of remittance of forgiveness to the lender or 10 months (in other words, a customized deferral period….could have done without that one.)
One Important Note: This podcast / memo was prepared with the majority of Schedule C filers in mind, who do not pay rent and utilities outside of their home offices. If you do pay rent or pay a mortgage for commercial space outside your home, then that rent, or mortgage interest, and utilities may also be forgiven. This may bring you up to 100% forgiveness on your PPP. Home Office rent and utilities do not qualify.
Questions? Concerns? Call me on (732) 673-0510.
Click the video below to listen to this episode of The Street Level Business Podcast with Chris Whalen, CPA where he discusses:
Please know the podcast below was created before the new 24 week forgiveness period was approved.
Forgiveness Of Coronavirus PPP Loans For Sole Proprietors Limited To 73.85%
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Chris Whalen, CPA
(732) 673-0510
81 Oak Hill Road
Red Bank, NJ 07701
www.chriswhalencpa.com
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