By SEMA Washington, D.C., Staff
The COVID-19 relief bill signed into law on December 27, 2020, provided $284 billion in new funding for the Payroll Protection Program (PPP) for both first and second loans. The covered period for all PPP loans was extended to March 31, 2021. For second loans, businesses need to have suffered a 25% revenue loss during the pandemic.
Loan applications for the new PPP program are now being accepted through SBA-approved lenders (banks and community financial institutions). The SBA has two webpages for more information:
The SBA is creating a streamlined loan forgiveness application for recipients of first and second loans up to $150,000. It is expected to be available this month.
SEMA recently hosted a webinar entitled “Everything You Need to Know About the New PPP Program” presented by national columnist and CPA Gene Marks. Click here [to be supplied] for the webinar recording and PowerPoint presentation.
For more information, contact Stuart Gosswein at stuartg@sema.org.