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

December 22, 2020

By Bob Coleman
Editor

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 joseph@colemanreport.com for easy registration)

More to come!