Just over nine months after the CARES Act passed, Donald Trump signed the first subsequent major pandemic relief bill, Consolidated Appropriations Act, 2021, into law. Included among the $900 billion in pandemic relief spending is $280 billion for a new round of Paycheck Protection Program (PPP) loans already being dubbed “PPP2,” which will give hard-hit PPP recipients a chance to access additional funding via “second draw” loans, as well as reopen first draw loans for businesses that did not take advantage of the initial round of funds.
But even those who do not qualify for the new round of funding will want to be sure to understand the changes to the program, which could affect their tax planning, loan forgiveness amount, and more. Here are some of the top PPP considerations for businesses in the ag and food sectors.
Read the entire article on California Ag Net.
If you need help or have questions about PPP, contact BPM’s Economic Recovery & Emergence Task Force members Terry Hill or Brett Hazlett.
About Brett Hazlett
Brett has more than 20 years of progressive experience in the consumer, manufacturing, retail, nonprofit and pharmaceutical sectors. He is a highly-accomplished, results-driven senior accounting and finance executive. He helps lead BPM’s Economic Recovery & Emergence Task Force, where he helps clients navigate the COVID-19 pandemic and the Paycheck Protection Program.
About BPM’s COVID-19 Resource Center
As the economic and physical disruption caused by the COVID-19 pandemic continues to change the landscape of many businesses around the world, BPM is offering a free online Resource Center to help clients and friends of the Firm navigate the current crisis and build an action plan to survive and thrive in the future. BPM’s COVID-19 Resource Center has recent articles from our specialists, as well as links to relevant resources for individuals and business owners.