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PPP Updates and Considerations

"ppp loan" written on a chalkboard
  • On February 22nd, the Biden administration announced that PPP loans would be made exclusively available to employers with less than 20 employees beginning February 24th through Tuesday, March 9th.  This was done to ensure that the smallest of businesses in need of funding would have enhanced access to lenders for a predetermined amount of time.  As of today, the current deadline to apply for a PPP2 first or second draw loan is March 31st.  Limited access to funds by all eligible organizations and additional fraud mitigation at both the lender and SBA levels, has led a number of organizations to call for this deadline to be extended. 
  • Owners of businesses that have an Individual Taxpayer Identification Number (ITIN) instead of a Social Security Number (SSN) are eligible to apply for PPP loans and PPP loan forgiveness using their ITIN.
  • The Interim Final Ruling (IFR) issued March 3rd, 2021, revises the rules to remove the eligibility restrictions that previously prevented businesses with owners who have non-financial fraud felony convictions in the last year or who are delinquent or in default on their Federal student loans from obtaining PPP loans.
  • The December 27th Economic Aid Act made PPP recipients that meet business operation suspension or gross receipts decline criteria eligible for the Employee Retention Credit.  Payroll costs that are qualified wages for the Employee Retention Credit are not eligible for loan forgiveness if the employer elects to claim the credit for those amounts.  To be eligible for full PPP loan forgiveness, borrowers must use at least 60% of the loan on eligible payroll costs, and the remaining 40% on eligible non-payroll costs. 

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