The Coronavirus Response and Relief Supplemental Appropriations Act of 2021, provides a second round of payments under the Paycheck Protection Program. Businesses with 300 or fewer employees that have experienced 25% revenue loss in any 2020 quarter and small 501(c )(6) organizations that have 150 employees or fewer are eligible for a Paycheck Protection Program under the COVID-19 Emergency Relief Package.
The expanded Paycheck Protection Program also broadens the type of business expenses that can be forgiven under the loan to include supplier costs, allows business expenses paid utilizing PPP proceeds to be tax deductible, and simplifies the loan forgiveness process.