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SBA’s Newest FAQ

SBA’s Newest FAQ  Wednesday, May 6, 2020 COVID-19 Response Team SBA’s newest FAQ (May 5, 2020) extends the date for borrowers to review the required certification and make repayment. This is an important decision. Be sure to contact your engagement team or a member of the COVID-19 Response Team. 43. Question: FAQ #31 reminded borrowers to …

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BREAKING: Critical Update Relating to PPP Forgiveness and Taxable Income

May 1, 2020 Under the Paycheck Protection Program (PPP) provisions of the CARES Act, borrowers that pay certain covered expenses (payroll costs, benefits, rent, interest, and utilities) with PPP funds may have some or all of the loan forgiven. The CARES Act specifically states that amounts forgiven shall be excluded from the borrower’s taxable income. …

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Recent SBA FAQ’s Raise Questions About PPP Loan Fund Eligibility

Thursday, April 30, 2020 By Dave Gaino, CPA | COVID-19 Response Team Recent headline news and updated FAQ’s from the SBA have brought the definition of the following statement into serious debate: “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” This was the statement that borrowers under …

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Ep56: Estate Planning, Trusts, and Podcasts

Chuck and Brittany are joined (remotely) by Matt Hochstetler, an estate and trust attorney in Canton, discussing all thing estate planning. Matt talks about how people can plan estates in multiple states (Ohio and Florida, for example), tax considerations for Ohioans looking to spend winters in Florida, the benefits of establishing a trust, and much …

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UPDATE: SBA to Resume PPP Loan Applications Monday

The Latest Update from the SBA Friday, April 24, 2020 Dear Clients, Please review the announcement below published tonight by SBA for the Paycheck Protection Program. Contact your engagement team if you have not yet started your application  AGP’s COVID-19 Response Team   Joint Statement by SBA Administrator Jovita Carranza and Treasury Secretary Steven T. …

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BREAKING: Paycheck Protection Program and Health Care Enhancements Act Passed by Congress

Thursday, April 23, 2020 Brewster’s Trillions: Earlier this evening and after much negotiation, Congress passed the Paycheck Protection Program and Health Care Enhancement Act, which the President is expected to sign later tonight. This bill is much simpler than previous COVID -19 legislation. It provides additional funding for the quickly depleted Paycheck Protection Program (PPP) …

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Ep55: The Latest COVID-19 Developments for Business Owners

Chuck and Brittany are in their homes talking today with Sue Peirce, AGP’s COVID-19 Response Team leader in the wake of the current disruption for business owners across the state. Sue provides the latest developments in COVID-19 legislation, including expanded funds available for the Paycheck Protection Program (PPP), and what business owners need to do …

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