As part of the federal Economic Aid Act that became law just before the New Year, a new round of Paycheck Protection Program (PPP) loans was established for businesses that can show a 25% reduction in gross receipts between comparable quarters of 2019 and 2020. Provisions of the law, much like the previous PPP program, make these loans forgivable under certain circumstances. Those who previously received a PPP loan may be eligible for a second loan. But less money was made available than in the previous round of loans.
The Small Business Administration released the guidance on Friday. https://www.sba.gov/article/2021/jan/08/sba-treasury-announce-ppp-re-opening-issue-new-guidance Forms that must be completed are also available through the SBA. See www.sba.gov/ppp (scroll down to “Supplemental Materials”)
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