May 01 APRIL 30TH RECOVERY UPDATE: LOAN OPTIONS AND FORGIVENESS STRATEGIES
On Friday, April 24, the “Paycheck Protection Program and Health Care Enhancement Act” was signed into law. Dubbed as “CARES 2”, the Act provides a second round of federal stimulus to the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) Program, and the EIDL Cash Advance Program. The Small Business Administration began processing the second round of federal Paycheck Protection Program applications this week.
WATCH THIS WEEK’S RECOVERY UPDATE: LOAN OPTIONS AND FORGIVENESS STRATEGIES
You can also find the slide deck from this webinar here.*
*Our webinars and responses are general guidance without knowing the intricacies of your business. Please find our full disclaimer here.
As of April 30 (and after this week’s update was recorded) the IRS provided clarity surrounding the federal tax implications of funds received under the Paycheck Protection Program (PPP).
In addition to this IRS clarification, the Federal Reserve has updated the guidance and expanded eligibility under the Main Street Lending Program.