PPP Loan Forgiveness
2021 Paycheck Protection Program (PPP)
2021 PPP funds are exhausted. To check the status of you PPP applications, contact our Communications Center 800-837-8111.
3/13/2021 - UBC has implemented recent PPP program updates:
- Schedule C Loan Amount Calculation
- Schedule C filers may now use Gross Income instead of Net Income in the loan amount calculation.
- Loan necessity safe harbors do not apply to Schedule C filers with Gross Income of $150,000 or more, if they elect to use Gross Income in the loan amount calculation.
- If you have already submitted a PPP loan application and not yet closed the loan, a revised application will be considered. Please look for our email with instructions on revising your application.
- Other Program Updates
- Eliminated: Restrictions on businesses with owners who have prior Non-Financial Felony Convictions (not retroactive). Remaining in place: Restrictions on business with a 20% or more owner who has an arrest or conviction for a felony related to financial assistance fraud within the past 5 years or is currently incarcerated at the time of application.
- Eliminated: Restriction on businesses owned or controlled by owners who have Federal Student Loan Debt that is currently delinquent or has defaulted and caused a loss to the Federal government. Retroactive: The change applies to new PPP applicants as well as those who have already received a PPP loan.
- Provided clarity that Non-Citizen owners may apply using an ITIN.
2/22/2021 - The White House announced several reforms to the PPP loan program. Here are the highlights of the announcement:
SBA Reference Materials
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The 2021 relief bill includes:
- Additional covered expense categories to include covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures.
- Eligibility for the new round of PPP funding will be limited to those businesses that have experienced a 25% or greater revenue decline in any quarter over quarter comparison to the previous year as a result of the pandemic.
- Repeal of the rule requiring the SBA to deduct any EIDL advance amount from PPP loan forgiveness.
- Flexibility in the covered period from 8 to 24 weeks after origination.
- A streamlined forgiveness process for loans less than $150,000.