Supplier costs of perishable goods can be made before or during the life of the loan Covered supplier costs: Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the recipient’s operations at the time at which the expenditure was made.Covered property damage costs: Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.Covered operations expenditures: Payment for any software, cloud computing, and other human resources and accounting needs.The 2021 PPP renewal bill makes the following expenses allowable and forgivable use of Paycheck Protection Program funds, in addition to the previous covered expenses: One of the more significant PPP loan forgiveness updates for 2021 is latest round of PPP funding adds more eligible forgivable expenses, so more small businesses may take greater advantage of this relief package. There have been many updates to the original PPP terms over the course of the program.
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PPP forgiveness update for 2021 adds additional eligible expenses Let’s go over the key points and hopefully clear up any confusion.
Since the Paycheck Protection Program has been renewed several times over the course of the coronavirus pandemic and the resulting financial crisis, many people are confused about the rules for PPP forgiveness in 2021. Read our article for more details on these most recent updates.
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For full details, read our post about the new SBA PPP Direct Forgiveness Portal and other recent rule changes. If your PPP loan was for $150,000 or less, AND if your lender has opted-in to the use of the platform, you will be able to submit your PPP loan forgiveness application online directly to the SBA, using the electronic equivalent of SBA Form 3508S.
NEW UPDATE! SBA PPP Direct Forgiveness Portal announced.Learn what PPP loan forgiveness updates have been made for 2021, including SBA’s PPP Direct Forgiveness Portal, additional eligible expenses, simplified forgiveness forms, and more!
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