From my article on Entrepreneur
Congress at last passed a second stimulus bill this week — as of this writing, it is still awaiting President Trump’s signature — and it includes a second round of PPP loans for affected small businesses as well as loan-forgiveness rule changes that are favorable to PPP borrowers. The second round of PPP loans for affected small businesses are referred to as “second draw loans.” While the rules for these second draw loans are familiar, they have changed drastically from the original program, so small businesses and lenders need to get up to speed quickly on who qualifies. In addition to providing a second draw of PPP loan funding for qualifying business, the legislation includes favorable changes to loan-forgiveness taxation and adds a simplified one-page forgiveness application for loans of $150,000 or less.
Read the article on Entrepreneur here.