This is our fifth blog post on the PPP program. As in the past, we have tried to hold back until there is materially different information to report.
As this has been the case throughout, the news is positive, and this is a great opportunity for your business to obtain a grant and/or a low interest loan from the government.
As of now, the program is open through March 31, 2021 to eligible borrowers seeking a first draw or second draw PPP funding (stay tuned in case this date gets extended).
The Biden administration has recently implemented several important changes to the PPP program, all of which benefit applicants, including the following:
- Sole proprietors, independent contractors, and self-employed individuals may now use gross income instead of net profit to calculate their maximum funding amount.
- The new rules now eliminate restrictions on small business owners with prior non-fraud felony convictions.
- Applicants with student loan debt delinquency may now qualify for PPP funding.
- The definition of eligible non-payroll costs has expanded. Such costs may now include costs for PPE, costs to comply with COVID-19 safety guidelines, and operational expenditures for software, cloud computing, and HR/accounting.
Please reach out to us or your other trusted legal/financial advisors to help you navigate through this process and take advantage of this program.
Fournier Legal Services has been a customer-service oriented, technology-based, paperless law firm from the day we opened, and we are uniquely positioned to help our clients navigate the current environment. For any questions related to Business Law or Estate Planning, please contact us by calling 860.670.3535 or emailing firstname.lastname@example.org.
Justin Krajeski is an Associate Attorney at the firm operating primarily out of our CT office. He graduated from Siena College and from Penn State’s Dickinson School of Law. Justin focuses on business and employment litigation, and he is admitted to practice law in CT, MA, NY, and PA.