Full Forgiveness For Self-Employed Borrowers

SBA Finally Clarifies PPP Loan Forgiveness Rules: Full Forgiveness For Self-Employed Borrowers

(Updated June 17 8:45am ET: Adding information about the SBA’s new Forgiveness Applications.)
If you’re a freelancer or other self-employed person wondering if you’ll get forgiveness for loans taken out under the Paycheck Protection Program (PPP), yesterday brought good news. The SBA filed its 19th  Interim Final Rule (IFR), scheduled to be published on Friday June 19th, focusing on revisions made from Paycheck Protection Program Flexibility Act (Flexibility Act) signed into law on June 5th.  The unpublished version of the update ensures full forgiveness for self-employed, freelancers and independent contractors who took the maximum loan amount based on 2.5 times their 2019 monthly income. (Under previous rules, the eight-week limitation made it hard to get above the 75% payroll threshold.) Here’s what you need to know.

PPP forgiveness changes coming as Senate passes House bill

By Jeff Drew

The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans.
The bill passed in a unanimous voice vote hours after Wisconsin Sen. Ron Johnson initially blocked it. Among the key provisions is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount.
The Senate approval sends the House bill, called the Paycheck Protection Flexibility Act, to President Donald Trump, who is expected to sign it.
The vote had to be unanimous because the Senate is not officially in session. That meant that any senator could force the matter to be delayed until the Senate returned to Washington with enough members for a quorum and a vote.


2021 Lapel Pin Design Contest is NOW!

Winner will receive a free 2021 membership!
It's time to submit your design ideas for IHFRA's 2021 Membership Lapel Pin! The top two designs will be chosen by IHFRA's Executive Committee, then all active members  will be given the opportunity to vote for their favorite.
All designs must be received by Wednesday, June 10! 
If you are interested in participating please follow the guidelines below and
email your submission to Bonnie Wallace at bwallace@ihfra-cloud.flywheelstaging.com by June 10.
Lapel Pin Design Rules:
1. Designer - eligible pin designs must come from active IHFRA members only.
1. Size - NO GREATER than 1 inch and NO LESS than 5/8 inch in height or width. It needs to be visible to market security.
2. Colors - If colors are included please keep in the primary color family. You can also indicate the metal color (i.e. gold, silver)
3. Shape - Keep it simple; nothing too abstract.
4. Date - Please include "2021" somewhere in your design.
5. Submission - Designs must be submitted in a visual format (i.e. a hand drawing, a developed graphic, etc.) The more detailed your design is the greater your chances of being a finalist. Remember, these designs will be voted on so please take time to prepare your image.