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 29 days ago
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Trump Signs New Law Relaxing PPP Rules: What You Need to Know

Quick Summary

Under the new law, businesses now have until December 31, 2020, to rehire workers in order for their salaries to count towards forgiveness. Namely, it does not address the issues around SBA audits of loans as outlined in the Treasury Department “Interim Final Rules” on PPP loans issued late on May 22. If so, the SBA may determine the borrower was ineligible for the PPP loan. It remains doubtful that the SBA will conduct many audits of PPP loans, as almost 4.5 million have been doled out, and it simply does not have the capacity to review many. The law will ease many of the burdens placed on businesses that received PPP loans, and for many that may still apply for them.

Disclaimer: This story is auto-aggregated & summarized by a computer program and has not been created by StartupAround.

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