As one of the top SBA Preferred Lenders in Minnesota, we are committed to providing our customers with accurate and timely information to help your business succeed. Information regarding financial support for businesses affected by COVID-19 is changing rapidly, but you can count on us to provide up-to-date and accurate information on resources that can help you. Please check our website regularly for updated information.
CORONAVIRUS RELIEF ACT OF 2020
Loan Forgiveness Updates
- The law provides full tax deductibility of business expenses on forgiven PPP loans (on both first and second draw PPP loans).
- The loan forgiveness process for first draw and second draw PPP loans less than $150,000 will be simplified to a one-page certification (you will need to provide the number of employees retained, amount spent on payroll, total loan amount, etc.).
- The law repeals the CARES Act provision requiring borrowers to deduct the EIDL (Economic Injury Disaster Loans) advance from their PPP loan forgiveness amount.
We’re committed to helping you navigate through this process from beginning to end! If you have any questions, please contact your Banker today.