The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which consisted of government-backed loans to help small businesses and other eligible applicants continue covering payroll costs and certain operating expenses during the coronavirus (COVID-19) pandemic. These loans were available to:
- Small businesses with less than 500 employees
- Sole proprietorships
- Independent contractors
- Eligible self-employed individuals
Under certain criteria, and if you use the funds as directed by the SBA, the loan may be completely or partially forgiven. Go here to learn about PPP loan forgiveness.
SBA is currently accepting Second Draw PPP loan applications from participating lenders, and you have until March 31, 2021 to get your applications in. If you haven’t received a PPP loan before, First Draw PPP Loans may be available to you.
Here’s what it means for your taxes:
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Be sure to keep checking back here for the most up to date tax information and changes in response to COVID-19.