Paycheck Protection Program Loans: New Law Expands and Extends Program, Impacts Forgiveness
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The Consolidated Appropriations Act, 2021 expanded and extended the Paycheck Protection Program (PPP) and its benefits. The program’s goal remains the same: help employers retain/pay employees or bring back those let go, provide funds to assist with covered operating costs and make loans forgivable on eligible costs in the coverage period.
Hardest-hit and smaller businesses could even take out a second-draw PPP loan and claim the Employee Retention Tax Credit, while access to alternative funding also is available.
In this eBook, we give you information on:
- What's changed with PPP
- Availability of second draw PPP loans
- Expansion of covered costs, including examples
- Loan forgiveness eligibility
We also review how Paychex can help, and provide additional resources such as our COVID-19 Help Center.