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More PPP funding and program adjustments highlight the changes along with other important measures.

Many of the headlines surrounding the stimulus bill, passed on Monday evening by Congress, highlight the stimulus checks that will go to millions of Americans. While important, business owners may be asking if anything in the bill applies to them. If this is the first you are reading about the business provisions, I’m happy to report there are several important measures that may be applicable to you.

Included in the bill are updates to the Paycheck Protection Program (PPP). The bill adds approximately $284 billion in additional funds to the Program. Other updates and changes include:

  • Expenses paid with PPP funds are now tax deductible and forgiveness of the loan is still not taxable income. This applies to all participants even if a forgiveness application has already been submitted. States will still have to decide if they will conform to this change. If they do not, expenses will be non-deductible at the state level only.
  • There will be streamlined forgiveness for loans less than $150,000. This will be a one-page form that the SBA will create within 24 days of the bill’s enactment (only for participants that haven’t yet applied for forgiveness).
  • For those participants that received both PPP loans and Economic Injury Disaster Loan (EIDL) grants, PPP forgiveness is no longer reduced by the EIDL grants.
  • The Covered Period for using the PPP funds (which ultimately determines forgiveness eligibility) can now be any amount of time between 8 and 24 weeks after the loan was disbursed. This is instead o