December 22, 2020
By Bob Coleman
Top Ten Things We Know as of Today.
- SBA 7(a) Guaranty to be raised to 90%
- PPP Forgiveness will be a one-page certification by borrower for loans less than $150,000
- EIDL advances of $10,000 will NOT be recouped in PPP forgiveness
- No tax implications to PPP borrowers on forgiveness
- Loan Payment forgiveness of p&i to be extended on 7(a) and 504 loans
- For PPP 3.0 — Maximum loan $2 million
- For PPP 3.0 — Sales must decrease 25% for three quarters ending 9/30/19 compared to 9/30/20
- 60% of PPP 3.0 loan proceeds must cover payroll
- There is a “first draw” PPP loan available under the original terms for first time PPP borrowers
- Sign up for the Coleman Webinar next Tuesday for further details! (email firstname.lastname@example.org for easy registration)
More to come!