The next round of Paycheck Protection Program funds was signed into law Dec. 27 as part of a new COVID-19 relief and spending bill.
Many ASCs will have access to the $285 billion in available funds, according to an ASCA report. Four things to know:
1. Eligible organizations must:
Have 300 or fewer employees
Report a 25 percent revenue drop from 2019 to 2020
2. Deductions are allowed for expenses paid with PPP loan proceeds.
3. For tax purposes, gross income doesn't include the amount that would arise from PPP loan forgiveness, according to the ASCA report.
4. The new law includes a streamlined process for applicants that received up to $150,000.
Read more about how the most recent COVID-19 relief and spending bill will affect ASCs.