Health Care

Small business owners can now apply for full PPP loan forgiveness

Small business owners can now apply for full PPP loan forgiveness”

"In New Jersey, 131,000 businesses have received almost $17 billion in forgivable loans and today's legislation extends that lifeline for 16 more weeks, and gives our businesses greater flexibility on how to use those funds to retain workers, sustain operations and possibly adjust their commercial activities".

Rep. Sean Patrick Maloney (NY-18) yesterday helped pass the Paycheck Protection Program Flexibility Act, a bipartisan bill that will improve and extend the Small Business Administration's Paycheck Protection Program (PPP).

The loans were made under the Treasury and Small Business Administration-run PPP, which was created by U.S. Congress to help small businesses cope with the economic fallout of the coronavirus outbreak.

If small business owners want to apply for full loan forgiveness, they must show 75 percent of the loan was used on payroll and the other 25 percent was spent on qualified expenses like rent or utilities.

House bill gives businesses more time to use paycheck protection program loans

Congressional leaders said, just last week, more changes could be coming to the PPP rules, though they would likely make them less restrictive. As of today, over 4.4 million PPP loans have been distributed to small businesses across America, with 286,743 PPP loans totaling over $37 billion distributed to NY small businesses. "I'm pleased to join my colleagues on both sides of the aisle in support of this commonsense measure, and I urge Senate Leadership to bring it swiftly to a vote". This vital loan program has provided billions of dollars in forgivable loans to small businesses in NY.

Kuster has been an outspoken advocate for improving the Paycheck Protection Program. The objective of PPP and the payroll tax deferment was to provide businesses with liquidity to get through the COVID-19 crisis.

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