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Program overview top line overview of ppp sba paycheck protection program loan report sba paycheck protection program loan report round 2.

Job fair mojokerto 2020 food stamps application ma. Ppp loan forgiveness workbook faqs 77 ppp loan forgiveness workbook updated instructional video 77 ppp loan forgiveness workbook updated case study 617 loan forgiveness ez application pdf and instructions 617 loan forgiveness application pdf and instructions. Review updates from sba and treasury from may 15 2020 and may. The paycheck protection program flexibility act includes changes that should bring a sigh of relief for business owners who continue to struggle to get back on their feet in the wake of covid 19.

A lender may request that the sba purchase the expected forgiveness amount of a ppp loan or a pool of ppp loans at the end of week seven of the covered period that is seven weeks after origination of the relevant ppp loans. To date 511 billion of ppp loans of the 610 billion allocated to the program has been disbursed nationwide. As of june 5 2020 a new bill was signed into law by the president to expand the ppp loan forgiveness rules.

The sba must purchase these reported forgiveness amounts within 15 days of the report. An sba loan that helps businesses keep their workforce employed during the coronavirus covid 19 crisis. The date of loan disbursement to 24 weeks and lowering the requirements that 75 of a borrowers loan proceeds must be used for payroll costs to 60.

Small business administration sba. The unpublished version of the update ensures full forgiveness for self employed freelancers and independent contractors who took the maximum loan amount based on 25 times their 2019 monthly income. Recipients of paycheck protection program ppp loans of 50000 or less will be able to apply for forgiveness using a simplified application that was released thursday by treasury and the us.

When it comes down to asking for forgiveness that there are no surprises if they have the answers needed ahead of time the new guidelines also state the last day for a business to apply for a ppp loan is june 30 2020. State by state data can be found here.