As the COVID-19 pandemic continues, the U.S. Small Business Administration continues to release updates and new guidelines for the Paycheck Protection Program (PPP) and shuttered venue operators grant (SVOG) program. BKD CPAs & Advisors has the latest information about PPP, SVOG, and how both programs can affect you and your business.
PPP Update: New Forgiveness Options & Appeals Deferment
On July 28, 2021, the U.S. Small Business Administration released an interim final rule detailing two additional methods for borrowers with Paycheck Protection Program (PPP) loans under $150,000 to apply for forgiveness of the loan and a provision that would continue deferral of payments while a PPP loan forgiveness decision is under appeal by the borrower.
Read more on BKD’s website here.
New SVOG Appeal Process – $4 Billion Still Available
The U.S. Small Business Administration’s (SBA) $16 billion shuttered venue operators grant (SVOG) program has accelerated its review process, and as of July 19, 2021, the SBA has decided on 95 percent of applications received. There is still approximately $4.1 billion available.
Find out more here.
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BKD regularly provides updates and alerts on important tax and accounting information through their BKD Thoughtware.