As of July 15th, a bipartisan bill is being introduced that might mean automatic forgiveness for Paycheck Protection Loans under $150,000…
If you’re a small business owner who is struggling to pay your employees through the pandemic, you may have applied for one of these loans…
Now you might be starting to wonder how you’ll pay it back in full – but the good news is, you might not have to.
“Recent SBA data released on June 30 indicated that PPP loans have supported more than 51 million jobs, but if PPP forgiveness isn’t realized for small businesses, then PPP will simply turn into a debt burden on borrowers who are still trying to weather the economic storm.”
Read more HERE.
Additionally, the bill cuts paperwork down to one page for micro businesses. Larger “small businesses” will still be required to go through the standard forgiveness process.