Kamala Harris Loan Forgiveness

Kamala Harris Loan Forgiveness

The U.S. Small Business Administration released a one-page form designed to make it easier for applicants to complete the application process to forgive Paycheck Protection Program loans, together with updated and revised forms to conform to the requirements of the latest stimulus legislation. 

Congress approved the COVID-19 relief package in the month of March, which provided $284 billion of funding to small businesses in need of loans. The money was intended to offset the economic impact of the coronavirus outbreak. It included a requirement for the SBA to issue simplified forms within the first 24 hours of the bill being signed into law to simplify the process of applying for forgiveness, along with conditions that aim to increase the number of bank loans by community banks, specifically for minority-owned businesses who struggled to get loans in the past.

Kamala Harris Loan Forgiveness

Ed Zollars, a partner with Thomas, Zollars & Lynch CPAs wrote that the Small Business Administration fulfilled the requirement to issue the one-page form for PPP loan forgiveness within 24 hours from the date of enactment under the Consolidated Appropriations Act, 20,21. The article was posted on the Current Federal Tax Developments blog of Kaplan Financial Education. “The agency also released new forms.”

First Draw PPP Terms of loan forgiveness

Kamala Harris Loan Forgiveness – For borrowers who are eligible, First Draw PPP loans can be suitable for loan forgiveness. This applies if the loan disbursement occurs within an 8 to 24-week period.

  • Employee and compensation levels are maintained
  • The proceeds from the loan may be used to cover payroll costs or other eligible expenses.
  • Minimum 60% of proceeds go to the cost of payroll

Second Draw PPP Loan Forgiveness Conditions

Second Draw PPP loans given to eligible borrowers qualify for total loan forgiveness if they do so during the 8to 24-week duration following loan disbursement:

  • The First Draw PPP loan requires that the employee and the compensation levels be maintained in an exactly the same manner.
  • The loan proceeds are spent on payroll costs and other expenses that are eligible and
  • A minimum of 60% of the proceeds are used to pay for payroll expenses
  • When and how do I apply for loan forgiveness

After all loan funds have been utilized the borrower is eligible to be forgiven. The borrower can request forgiveness at any time prior to the maturity date of the loan. Borrowers who don’t request forgiveness within 10 month of the expiration date of the loan are eligible to receive payment from their PPP lender.

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