Paycheck Protection Program (PPP) loans are forgivable loans provided by the Small Business Administration (SBA) that help businesses impacted by COVID-19 to cover their payroll expenses.
The deadline for businesses to submit new Paycheck Protection Program (PPP) loan applications was recently extended from March 31, 2021 to May 31, 2021.
The Small Business Administration (SBA) is accepting applications for first and second draw PPP loans, with relaxed loan forgiveness criteria available thanks to recent legislation. Businesses who borrow $150,000 or less can file for loan forgiveness using a simplified application.
Read on for detailed answers to your most frequently asked questions on PPP loans, including information on forgiveness, taxability, and more.
How your Paycheck Protection Program (PPP) Loan Amount is Calculated
How to Qualify for a Second-Round Paycheck Protection Program (PPP) Loan
How to Prove a 25% Revenue Decline for your Second Draw Paycheck Protection Program Loan
Expanded Eligibility and Forgiveness Rules for New Paycheck Protection Program (PPP) Loans
When Should My Business Apply for Paycheck Protection Program Loan Forgiveness?
What is the Simplified Application for Paycheck Protection Program (PPP) Loan Forgiveness?
Is Revenue Loss Required for Paycheck Protection Program Loan Forgiveness?
Which Non-Payroll Expenses are Eligible for Paycheck Protection Program Loan Forgiveness?
Are Expenses Paid with Paycheck Protection Program Loans Tax-Deductible?
Getting your Paycheck Protection Program (PPP) Loan forgiven and Claiming the Employee Retention Credit
Who is Eligible for Economic Injury Disaster Loans (EIDL)?
For help applying for PPP loan financing, getting your PPP loan forgiven, maximizing your tax savings, and more, please contact your trusted Chugh CPAs, LLP professional.
© 2025 Chugh LLP Affiliate Network. All Rights Reserved
