Nasw Loan Forgiveness For Social Workers

Nasw Loan Forgiveness For Social Workers

The U.S. Small Business Administration issued a one-page application form aimed at simplifying the application process for the forgiveness of Paycheck Protection Program loans, along with newly updated and revised forms that conform to the requirements of the latest stimulus legislation. 

The COVID-19 relief package that Congress approved last month renewed the PPP with $284 billion of financing for small-scale businesses looking for forgiveness loans to help them deal with the financial fallout from the coronavirus pandemic. It also included a requirement that the SBA to issue simplified forms within 24 days after the legislation was 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, particularly for minority-owned businesses who had trouble getting loans last year.

Nasw Loan Forgiveness For Social Workers

Ed Zollars, a partner with Thomas, Zollars & Lynch CPAs said that the Small Business Administration fulfilled the obligation to issue the one-page form for PPP loan forgiveness within 24 hours from the date of the enactment of 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.”

Forgiveness terms for the initial draw of PPP loans

Nasw Loan Forgiveness For Social Workers – For borrowers who are eligible, First Draw PPP loans are eligible to forgive loans. This is if the loan disbursement occurs within an 8 to 24 week period.

  • It’s the same for pay and benefits for employees.
  • The proceeds of the loan can be used to pay for the cost of payroll as well as other eligible expenses.
  • At least 60% of proceeds are used for the cost of payroll

Second Draw PPP Loan Forgiveness Conditions

Second Draw PPP loans for eligible borrowers can be eligible for loan forgiveness when the loan is paid within an 8 24-week time frame.

  • The First Draw PPP loan requires that the employee and the compensation levels be maintained in the exactly the same manner.
  • The proceeds of the loan could be used to pay for expenses for payroll or other expenses that are eligible.
  • At least 60% of the proceeds are spent on payroll costs
  • What is the best time to apply for loan forgiveness

A borrower can apply for forgiveness once all loan proceeds to which the borrower is requesting forgiveness have been utilized. Borrowers can request forgiveness at any time until the date at which the loan matures. If borrowers do not apply for forgiveness within 10 years of the date of expiration of the period covered and the loan is not renewed, PPP loans are no longer deferred, and borrowers will begin making payment to their PPP lender.

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