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On June 30, 2022, AB 194 was enacted which allowed an income exclusion for covered loan amounts forgiven pursuant to the Paycheck Protection Program Extension Act of 2021 (PPPEA) (Public Law 117-6). The PPPEA was enacted on March 30, 2021 and extended the covered period of the PPP from March 31, 2021, through June 30, 2021.
On June 30, 2022, AB 194 was enacted which allowed an income exclusion for covered loan amounts forgiven pursuant to the Paycheck Protection Program Extension Act of 2021 (PPPEA) (Public Law 117-6). The PPPEA was enacted on March 30, 2021 and extended the covered period of the PPP from March 31, 2021, through June 30, 2021.
Yes, California has conformed to the PPPEA. For taxable years beginning on or after January 1, 2019, California law allows an exclusion from gross income for covered loan amounts forgiven under the federal CARES Act, Paycheck Protection Program and Health Care Enhancement Act, Paycheck Protection Program Flexibility Act of 2020, the CAA or PPPEA.
Oct 6, 2021 · SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief Congressional Research Service 1 Introduction The Coronavirus Aid, Relief, and Economic Security Act (CARES Act; P.L. 116-136) created the Small Business Administration (SBA) Paycheck Protection Program (PPP) to provide short-term,
How to apply for PPP Loan Forgiveness. To make your forgiveness process as easy as possible, our portal is aligned with current SBA guidelines and forms, including the simplified forgiveness application for loans of $150,000 or less. If you started your forgiveness application but did not submit it by February 28, 2021 you’ll need to re-start ...
Paycheck Protection Program (PPP) Loan Forgiveness. At this time, we are accepting forgiveness applications for loans of all amounts obtained in 2020 and 2021. Borrowers who have a second draw PPP loan greater than $150,000 must submit an application for forgiveness of their first draw PPP loan before they are eligible to apply for forgiveness ...
You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508EZ if you can check at least one of the three boxes below. Do not submit this Checklist with your SBA Form 3508EZ. The Borrower is a self-employed individual, independent contractor, or sole proprietor who had no employees at the ...
