The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. Borrowers may be eligible for PPP loan forgiveness.
SBA is currently offering PPP loans until May 31, 2021.
You may be eligible to claim additional forgiveness on your recent PPP loan. PPP borrowers can have their first and second draw loans forgiven if the funds are used on eligible costs. As with the first round of PPP, similar expenses are still covered, however, they have expanded the list forgivable expenses. In the most recent guidance, the following costs are now eligible:
Covered worker protection and facility modification expenditures, including personal protective equipment, to comply with COVID-19 federal health and safety guidelines.
- Includes air purification systems amongst other items.
- This is eligible for PPP first and/or second draw.
- Follow criteria for timeline of expense outlined.
Link to complete policy - https://www.congress.gov/116/cprt/HPRT42770/CPRT-116HPRT42770.pdf
Important information to read:
• Covered Worker Protection Expenditure - pg. 2047, Line 18
• Air Filtration System - pg. 2048, Line 19
AiroDoctor is a UVA Photocatalytic Air Purification Unit. It is a commercial and medical grade device that destroys >99% of viruses and bacteria, including Human Coronavirus, Influenza A, MRSA and many others. Please note that this should be viewed as guidance and it is recommended to consult accounting or legal professionals.