Key PPP And EIDL Takeaways
Second Draw - Eligible Recipients May Receive a Second PPP Loan
Chinese Owned Entities Are Ineligible For a Second Draw PPP Loan
Additional Loans Cannot Exceed $2,000,000 per Borrower–90 Day Wait Between Loans
No Enforcement Action Against Banks
Loans Will Now Be Permitted for Many Borrowers in Bankruptcy
Simplified Application for Loans Under $150,000
PPP Borrowers Can Select A Covered Period for as Short as 8-Weeks and as Long as 24-Weeks
Expanded Eligibility for 501(c)(6) Organizations
Additional Eligible Expenses That Count Towards Forgiveness
Borrowers Can Amend Loan Applications to Request Increase in PPP Loan Amount As a Result of A Change In the Rules
Relief for Schedule F Farmers (Old McDonald Had a Loan)
EIDL Program For Businesses Hardest Hit by the Coronavirus
EIDL Advance Non-Taxable and No Longer Reduces PPP Loan Forgiveness
Get the details: Forbes- PPP and EDIL Changes After Coronavirus Relief Bill