On February 22, President Biden announced modifications to your Paycheck Protection Program that influence self-employed individuals who sent applications for a PPP loan after March 3, 2021. This short article stops working the forgiveness procedure for loan requests created before and after March 3, 2021. View the video below for a summary for the modifications.
Sole proprietors and separate contractors find the PPP loan particularly attractive due to the owner payment share or proprietor costs concept that can grant them forgiveness that is full allowing them to make use of the funds nevertheless they want. Heres how forgiveness works for self-employed people.