These days, when all the news seems to be bad, here is some good news that you should know about.
A new law, recently enacted by Congress, makes the Payroll Protection Plan (PPP) better than ever, and for everyone.
That’s right. Thanks to the new law, you can get tax-free cash whether you’ve got
- A prior PPP loan
- A current PPP loan that’s outstanding
- A PPP loan that you’re thinking about applying for (and for the first time)
Don’t freak when you hear the word “loan.”
Technically your cash comes from a lender, but don’t panic! Your loan will be forgiven and you won’t owe anyone a dime. Loan forgiveness is baked right into the PPP plan.
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Here’s how the new PPP program
can go to work for you
- The new PPP money coming to you is tax free and expenses paid with that money are fully deductible!
- If you have an Economic Injury Disaster Loan (EIDL) and a PPP loan, your forgiveness-amount will no longer be reduced!
- Four more expenses qualify for forgiveness. These include:
- Covered operation expenditures
- Covered property damage costs
- Covered supplier costs
- Covered worker protection expenditures
- For PPP loans of $150,000 or less, there’s a new easy-to-fill-in, one-page forgiveness form.
And much more. For full details…