It took months of contentious negotiations, but on the evening of December 21, Congress voted to approve a second stimulus package intended as a relief measure for businesses and individuals adversely affected by the COVID-19 pandemic.
A $908 billion COVID-19 economic relief package first unveiled December 1 by lawmakers is gaining traction from congressional Democrats and Republicans, sparking hope that passage could occur on or before December 18.
The Paycheck Protection Program (PPP) helps small business owners and other individuals adversely affected by the COVID-19 pandemic. In particular, the loans provided through the program are forgivable as long as borrowers retain their employees on payroll for a defined number of weeks.
On the heels of congressional action that makes the Paycheck Protection Program (PPP) more flexible to use, the SBA and Treasury Department have unveiled a simplified full loan forgiveness application form along with an EZ version of the form.
On May 13, 2020, the Small Business Administration (SBA) released an update to its frequently asked questions that addresses borrowers’ required good-faith certification in regard to the necessity of their Paycheck Protection Program (PPP) loan request.