Notes to Interim Final Rules from Economic Aid Bill and changes to Paycheck Protection Program
ECONOMIC AID ACT NOTES (82 PAGE IFR 1/6/2021) · Extends PPP Authorization until March 31, 2021 · New (first) PPP applicants can use 2020 OR 2019 records to calculate PPP loan amount · Authorization limit of $806,450,000,000 for 1 st and 2 nd PPP combined · 60/40 rule still applies: payroll/other eligible expenses (with some noted additions p. 50) o Uninsured property damage costs related to public disturbances that occurred during 2020) o Covered supplier costs o Worker protection expenditures (to comply with guidance of Health and Human Services, CDC, OSHA or equivalent) o note: self employed – interest on loans incurred before 2/15/2020 ARE NOT ELIGIBLE FOR FORGIVENESS – see page 53) · PPP Loans $150,000 or less do not need to provide supporting documentation for forgiveness but must retain records for 4 years and are subject to audit. · REPEALS EIDL Advance forgiveness reduction. “Any EID