Acadia HR

The Continuing Small Business Recovery and Paycheck Protection Program Act was proposed this week in Congress and is intended to correct problems that PPP borrowers have had, while opening up new opportunities for borrowers. There are a few new requirements for borrowers who want to know if they can borrow more, more flexible covered periods in which a borrower has to spend sufficient amounts to receive funds, and an expanded list of forgivable expenses. One key element to this is that borrowers with loans under $150K would not be required to submit the previously issued application and would result in a much more streamlined loan forgiveness process. This has not yet been signed into law, but it is highly likely that this new act will be passed with bi-partisan support. For more resources and updates, please visit our website at https://acadiahr.com/business-resources/

https://www.forbes.com/sites/alangassman/2020/07/28/rubio--collins-bill-will-revolutionize-ppp-loans-for-small-businesses-and-those-suffering-profound-revenue-losses/

Double Your PPP Loan - Automatic Forgiveness Under $150,000, And More While a great many borrowers consider it to be a duty or an entitlement to borrow under the EIDL program, the standard of need appears to be much higher than the treacherous “necessity” standard that applies for PPP loans...