On January 15, 2021, Christine Malafi joined Gettry Marcus, CPA, P.C. for their continuing webinar series on the recently passed Economic Aid Act (“EAA”), which has amended the Paycheck Protection Program (“PPP”) and now includes an Employee Retention Credit (“ERC”).
Some of the key areas that were discussed include:
- SBA deadlines to apply for PPP 1 and PPP 2 loans through March 31, 2021
- Business type eligibility (and ineligibility) including certain non-profit organizations
- Calculating the maximum PPP loan borrowing amount
- PPP loan terms, maturity date, and loan forgiveness application deadlines
- Updated definition of the “Covered Period” to utilize a PPP loan
- Expanded permittable uses of a PPP loan, including new eligible “Covered” expenses such as:
- Operations expenditures
- Property damage costs
- Supplier costs
- Worker protection expenditures
- Reapplying for a PPP 1 loan if all or a portion of the loan was originally returned or the borrower did not accept the full eligible loan prior
- Employee Retention Credit (“ERC”)
- and more.