PPP Loan Forgiveness

115 Wood And White Desk

Please visit our COVID-19 resources page with more information for business owners and employees.

Updates from the SBA and Department of Treasury

On May 22, the Small Business Administration (SBA) and Department of Treasury released two interim final rules for loan forgiveness under the Paycheck Protection Program (PPP). While they clarified parts of the loan forgiveness application, the final rules did not change two debated areas of concern: expanding the eight-week period during which businesses can spend the funds, and the requirement to spend at least 75% of the loans on payroll costs to be eligible for loan forgiveness.

To assist with navigating PPP loan forgiveness, the U.S. Chamber of Commerce prepared a guide to PPP loan forgiveness with tips, instructions, and recordkeeping requirements. Most notably, it gives instructions on calculating your eight-week loan period and payroll costs. You may also reference the U.S. Treasury’s answers to frequently asked questions

Need additional help? Our experts have provided a helpful walkthrough to the PPP loan forgiveness application. You can also find much more COVID-19 info for your workplace and employees on our resources page. For a custom report, log into your Nextep account and select COVID-19 resources, then PPP Loan Dashboard

We’re monitoring all updates to the PPP loan forgiveness regulations and will share new information as it becomes available. 

Also on Nextep

In the US, cyber-attacks happen as often as every 39 seconds. As technology becomes more integrated into our personal and professional lives, prioritizing cybersecurity measures is critical.  Unfortunately, PrismHR, one of Nextep’s technology partners, was recently targeted by one of these threat actors, leading to a disruption in service for portions of Nextep’s online account. One […]
Read more
On Thursday, March 11, President Biden signed a new stimulus relief package, known as the American Rescue Plan, into law. The $1.9 trillion stimulus package is geared to boost the economy and help provide wider access to COVID-19 vaccinations in an effort to curb the effects of the ongoing pandemic.  This is the third stimulus package […]
Read more
After an unpredictable year like 2020, making sure your business has a stable foundation is critical to adjusting to unforeseen circumstances and keeping a solid footing through hard times.  PEO AND FINANCIAL STABILITY Take a look at these stats from the National Association of Professional Employer Organizations (NAPEO). Businesses that work with a PEO:  Are 50% less […]
Read more
Tax season will be here soon! Nextep will make W-2s available online and send them directly to employee homes no later than January 31, 2021.  Here’s how you can prepare for the upcoming tax season.  Get Organized Take a look at last year’s tax return and make a note of any forms or technology you used […]
Read more
Along with the new year comes new minimum wages for several states on January 1, 2021. As a reminder, when state law differs from federal law, employers must use the one that benefits the employee the most. In this case, the state minimum wages are higher than the $7.25 federal minimum wage; therefore, the state’s […]
Read more
After months of stalemate, a second COVID-19 relief package has been passed. On Sunday, Dec. 27, 2020, the president signed a $900 billion COVID-19 relief bill to help Americans through the ongoing pandemic. It is part of a larger package to keep the federal government funded through the current fiscal year. Our teams are digesting the details […]
Read more
It’s important to know about upcoming changes to tax laws and Nextep is here to make sense of them all and help you prepare for next year’s budget. Here are the changes at a glance: Social Security wage base: First $142,800 of wages in 2021 (Was $137,700) FICA – Social Security (OASDI): 6.2%, up to […]
Read more
We recently reported that President Trump signed an executive order and three memoranda for COVID relief. With no interference thus far from Congress, those orders are scheduled to become active September 1.  One of the memoranda we are most frequently asked about is the “payroll tax holiday.” This provision gives employers the option to let employees […]
Read more
In an ever-changing world, we know it can be a challenge to keep up with what’s new, especially when it comes to your business.  That’s why we want to make sure you understand the recently passed proclamation that impacts work visas. On June 22, 2020, President Trump issued a proclamation that extends the restrictions from […]
Read more
Please visit our COVID-19 resources page with more information for business owners and employees. The U.S. Department of Treasury and Small Business Administration (SBA) updated the Paycheck Protection Program (PPP) Loan Forgiveness application. Not only did the Treasury and SBA simplify the full loan forgiveness application, they also released a new EZ Forgiveness Application for […]
Read more
Employers are now prohibited from discriminating against LGBTQ+ employees On June 15, 2020, the U.S. Supreme Court ruled employment discrimination on the basis of a worker’s sexual orientation or gender identity is illegal under Title VII of the Civil Rights Act of 1964.  It is already illegal for employers to discriminate on the basis of […]
Read more
Please visit our COVID-19 resources page with more information for business owners and employees. Updates from the U.S. Department of Treasury and SBA. On June 10, 2020, the U.S. Department of Treasury and Small Business Administration (SBA) released additional guidance to provide clarity on the recently passed Paycheck Protection Program Flexibility Act (PPPFA). Here are […]
Read more

Download Our App