What is the latest news on PPP loan forgiveness?

The Small Business Administration has officially forgiven — in whole or in part — more than half of the nearly 11.5 million Paycheck Protection Program loans made across 2020 and 2021. The SBA has officially made forgiveness payments on 6,059,574 PPP loans as of Sept.

How can I check my PPP status?

If you applied for your PPP loan via Womply, you can check loan application status at https://www.womply.com/ppp-status/. If you did not apply through Womply, you will need to contact your SBA-approved lender and request a status update.

Can Social Security taxes be included in PPP?

Q3: Can I spend all of the PPP loan proceeds on payroll costs? retirement plans and employer 401(k) contributions NOTE: Loan proceeds may not be used to pay employer Social Security / Medicare or Federal Unemployment taxes.

What is the current status of the PPP program?

Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief.

What is the deadline for second PPP loan forgiveness 2021?

For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.

Can I check my SBA loan status online?

If you submitted your application online, you can check the status of your loan through the SBA website. Simply log into the SBA Economic Injury Disaster Loan Portal using the email address or username and password with which you registered when completing your online application.

Are health insurance premiums forgivable under PPP?

Separate payments for health insurance, retirement, or state or local taxes are not eligible for additional loan forgiveness; health insurance and retirement expenses are paid out of their net self-employment income.

Can I use 100% of my PPP loan for payroll?

Can you use your whole PPP loan to replace your compensation? Theoretically, yes. A minimum of 60% of your PPP loan expenses must be spent on payroll to be eligible, but there’s no maximum. Therefore, you could spend 100% of your PPP loan on compensation replacement, and it’d still be forgivable.

Is there still PPP money left 2021?

As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.

How long does it take for the second PPP loan to be approved?

10 calendar days
How long does it take for my PPP second draw loan to be funded? Once your second draw PPP loan is approved by the SBA, by law your lender has 10 calendar days to ensure that the funds are released to your account. This is the same time period as for first-draw PPP loans.

Is the retirement benefit language included in PPP?

The inclusion of the retirement benefit language specifically in the PPP has generated many questions by CPAs and legal professionals. But more importantly, business owners who need the PPP to pay their bills need clear answers so they can obtain funding. Non-eligible payroll costs under PPP include:

What are the benefits of a PPP plan?

The plan allows for loans to be issued that will cover payroll costs as well as rent and other specified operating costs. These loans will then be forgiven once the business meets the forgiveness criteria. The goal is to give companies additional funds so they can weather the economic storm and keep employees on payroll.

When is the deadline to make a PPP contribution?

This is timely since the deadline for making 2019 deductible contributions for S corporations is September 15, 2020 and for C corporations the deadline is October 15, 2020. Here are the basics of the PPP and loan forgiveness provisions as we know them today.

Who is eligible for loan forgiveness under the PPP program?

Borrowers may be eligible for Paycheck Protection Program (PPP) loan forgiveness. First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement: The loan proceeds are spent on payroll costs and other eligible expenses; and