SBA Hot Topic Tuesday Special Report — What We Know Now About PPP

December 22, 2020

By Bob Coleman

Top Ten Things We Know as of Today.

  1. SBA 7(a) Guaranty to be raised to 90%
  2. PPP Forgiveness will be a one-page certification by borrower for loans less than $150,000
  3. EIDL advances of $10,000 will NOT be recouped in PPP forgiveness
  4. No tax implications to PPP borrowers on forgiveness
  5. Loan Payment forgiveness of p&i to be extended on 7(a) and 504 loans
  6. For PPP 3.0 — Maximum loan $2 million
  7. For PPP 3.0 — Sales must decrease 25% for three quarters ending 9/30/19 compared to 9/30/20
  8. 60% of PPP 3.0 loan proceeds must cover payroll
  9. There is a “first draw” PPP loan available under the original terms for first time PPP borrowers
  10. Sign up for the Coleman Webinar next Tuesday for further details! (email for easy registration)

More to come!