PPP Loan Coming Back and Forgiveness

It is one type of loan backed by SBA-backed loan that is intended to help businesses keep their workforce employed during the COVID-19 crisis.

PPP loans were available for a new business, which was founded in 2019 or 2020 with steady cash flow.

The coronavirus Relief bill lightens restrictions on how PPP funds can be used and simplifies loan forgiveness for loans under $150,000.

You may qualify for full loan forgiveness if, during the 8- to 24-week time frame after you actually received the funds: Employee and compensation levels, business expenses, spend at least 60% of the loan on payroll

Borrowers have to make payments to their PPP lender if borrowers do not apply for forgiveness within 10 months after the last day of the covered period.

You can apply directly to SBA Officials for the forgiveness application any time after your covered period ends where you do not have to wait 10 months.

If you are wondering to receive a new PPP loan in 2022 as of now there is no official announcement from Government.