The Paycheck Protection Small Business Forgiveness Act (PPSBFA, S.411), a bipartisan bill, was introduced to the Senate on June 30, 2020. The PPSBFA would provide automatic loan forgiveness to all PPP loans under $150,000.
Since the establishment of the program through July 14, 2020, 4.9 million loans and $517 billions have been provided to business owners. The SBA’s most recently issued demographic details reflect that 86.6% of PPP loans and 27.6% of PPP funds would qualify for automatic forgiveness should the PPSBFA become law.
The Paycheck Protection Program (PPP), a provision in the CARES Act signed into law by President Trump on March 27, 2020, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic. … Read More