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Updated Guidance Issued to help Clarify and Simplify COVID Assistance
PPP changes that help streamline forgiveness for loans $150,000 or less
The SBA recently launched a new application portal allowing borrowers to apply for forgiveness directly with the SBA, instead of having to go through their lender. Lenders must opt in to use the portal, and it is only for borrowers with loans of $150,000 or less. This new streamlined portal simplifies forgiveness for millions of businesses.
In addition to the portal, the IRS recently issued Notice 2021-49 that includes guidance on the extension and modification of the ERC. The notice applies to wages paid in the third and fourth quarters of 2021, but also includes a section that addresses “miscellaneous issues” applicable for ERC in 2020 and 2021.
Learn more about this guidance and the portal by downloading our free ebook.
Should you have any questions, please don’t hesitate to contact any of the Zinner professionals for a no obligation consultation to learn more.