One of the most anticipated aspects of the $908 billion coronavirus relief measure signed by President Trump last week includes $284 billion for a revamped Paycheck Protection Program.
The measure — attached to a $1.4 trillion bill set to fund the federal government through September — allows existing borrowers with less than 300 employees to apply for a second loan of up to $2 million as long as they show a revenue decline of at least 25% in at least one quarter of 2020. The legislation also features a simplified forgiveness application for loans of $150,000 or less that requires borrowers simply to state the number of employees retained and the amount of PPP funds spent on payroll.
