Is there a 3rd round of PPP?

Is there a 3rd round of PPP?

A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. Business owners can still apply for an EIDL loan but PPP loans are no longer available.

What is PPP forgiveness form 3508S?

If you took out a Paycheck Protection Program loan for $150,000 or less, the SBA instructs you to use the PPP Forgiveness Application Form 3508S when applying for forgiveness. It appears to be quite simple but it still requires you to calculate your forgiveness amount, which may mean you’ll have to consult other forms.

Who can use SBA form 3508S?

BORROWER
A BORROWER MAY USE THIS FORM ONLY IF THE BORROWER RECEIVED A PPP LOAN OF $50,000 OR LESS. A Borrower that, together with its affiliates, received PPP loans totaling $2 million or greater cannot use this form.

Who is eligible for Round 3 PPP?

Any Borrower with a loan of $150,000 or less is eligible to use this form once released, even if they received a loan in 2020, as long as Forgiveness has not already been issued by the SBA.

What is the deadline for 2nd PPP loan forgiveness 2021?

For example, a borrower whose 24-week covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins.

How do I get a PPP loan forgiven 2021?

To apply for loan forgiveness:

  1. Determine if your lender is participating in direct forgiveness through SBA and complete the correct form:
  2. Compile your documentation:
  3. Submit the forgiveness form and documentation to SBA or your PPP lender:
  4. Continue to monitor your application for forgiveness:

Is the PPP still available 2021?

Round 3 PPP Application Deadline The Consolidated Appropriations Act, 2021 (CAA) extended the Paycheck Protection Program (PPP) through March 31, 2021. However, the PPP funds have been exhausted, meaning the PPP program is no longer available as of May 31, 2021. 2 The amount of funds made available in the third round totaled $284 billion.

What is the third round of PPP loans?

A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. Changes made by the Biden administration provide targeted assistance to very small businesses and previously underserved individuals.

What is a first-draw PPP loan?

First-Draw PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. Second-Draw loans up to $2 million are available for businesses that have used funds in their Round 1 or Round 2 loan. 100% of your loan could be forgiven if you follow guidelines.

What is the PPP application deadline for Round 3?

Round 3 PPP Application Deadline The Consolidated Appropriations Act, 2021 (CAA) extended the Paycheck Protection Program (PPP) through March 31, 2021, or until funds are depleted. The amount of…

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