NEW PPP LOANS: Phase 4 Coronavirus Package – A First Look
Thursday August 20
1 PM 2:30 pm ET
Whether it’s called CARES 2, HEROS, or HEALs Congress is posed to strike a deal releasing trillions of dollars of economic relief into the economy next week. Negotiations are ongoing, however it appears the legislation will include another round of forgivable PPP loans for the most-impacted businesses and tax credits to encourage businesses to safely retain and rehire employees. Understanding these provisions as soon as possible will demonstrate your value to clients by helping them quickly capture much-needed relief dollars.
Proposals included the following topics which the webinar may address:
- Second round of forgivable PPP loans for businesses with a 50% revenue reduction
- Simplified forgiveness application process for first-round loans less than $2,000,000
- Extremely simplified forgiveness application for first-round loans less than $150,000
- Clarification that borrows who elect a 24-week period can apply for forgiveness before 24-weeks
- An expansion of PPP eligible expenses to include: certain software for remote work and delivery, property damage, essential supplies provided by pre-existing contracts, & worker protections
- Clarification regarding whether health insurance is an includable payroll expense
- A second round of stimulus checks
- Various CARES Act clarifications & corrections
- An expanded Employee Retention Payroll Tax Credit – substantially more generous than the CARES Act & expanded to include hiring
- An expansion of the Work Opportunity Tax Credit – to include those currently on unemployment and an increased credit amount
- A “Safe & Healthy Workplace Tax Credit” – 50% of the cost of testing, PPE, cleaning, workplace reconfiguration, & certain technology up to $1,000 per employee
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