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Key PPP And EIDL Takeaways

  1. Second Draw - Eligible Recipients May Receive a Second PPP Loan

  2. Chinese Owned Entities Are Ineligible For a Second Draw PPP Loan

  3. Additional Loans Cannot Exceed $2,000,000 per Borrower–90 Day Wait Between Loans

  4. No Enforcement Action Against Banks

  5. Loans Will Now Be Permitted for Many Borrowers in Bankruptcy

  6. Simplified Application for Loans Under $150,000

  7. PPP Borrowers Can Select A Covered Period for as Short as 8-Weeks and as Long as 24-Weeks

  8. Expanded Eligibility for 501(c)(6) Organizations

  9. Additional Eligible Expenses That Count Towards Forgiveness

  10. Borrowers Can Amend Loan Applications to Request Increase in PPP Loan Amount As a Result of A Change In the Rules

  11. Relief for Schedule F Farmers (Old McDonald Had a Loan)

  12. EIDL Program For Businesses Hardest Hit by the Coronavirus

  13. EIDL Advance Non-Taxable and No Longer Reduces PPP Loan Forgiveness

Get the details: Forbes- PPP and EDIL Changes After Coronavirus Relief Bill

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