Loan Forgiveness For Social Workers Form

Loan Forgiveness For Social Workers Form

The U.S. Small Business Administration has released a 1-page form that makes it easier to apply for the cancellation of Paycheck Protection Program loans. The form also contains newly updated forms that comply with the latest stimulus legislation. 

The COVID-19 relief plan that Congress adopted last month revived the PPP with $284 billion in funds for small businesses that want forgivable loans to help them cope with the economic fallout of the coronavirus epidemic. The legislation required that the SBA issue simplified forms within the first 24 hours after the bill’s passage into law. This was to make it easier to apply for forgiveness. It also included conditions that encourage banks in the community to lend more particularly to minority-owned businesses who had a difficult time getting loans last year.

Loan Forgiveness For Social Workers Form

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

First Draw PPP Loan forgiveness terms

Loan Forgiveness For Social Workers Form – First Draw PPP loans granted to eligible borrowers qualify for total loan forgiveness during the 8- to 24-week period after the disbursement of loan:

  • Pay and worker levels are maintained
  • The loan proceeds are spent on payroll as well as other expenses eligible for reimbursement; and
  • Minimum 60% of profits go towards expenses for payroll

Second Draw PPP Terms of Loan Forgiveness

Second Draw PPP loans for eligible borrowers are eligible for loan repayment when the loan is paid within an 8– to 24-week period.

  • The First Draw PPP loan requires that the compensation and employee levels are maintained in the exactly the same manner.
  • The loan funds can be used to pay for the cost of payroll as well as other expenses that are eligible.
  • Minimum 60% of funds go to the cost of payroll
  • How to apply for loan forgiveness , and when

Once all of the loan’s proceeds have been used The borrower may apply to be forgiven. Borrowers can request forgiveness at any point up to the loan’s maturity date. If borrowers do not apply for forgiveness within 10 month after the date they will be able to repay the loan will be able to receive loan payments from their PPP lender.

Download Loan Forgiveness For Social Workers Form

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