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Paycheck Protection Program

Reminder: Banks Have Their Own Deadlines for the PPP – and May Have Already Stopped Taking Loan Applications

March 17, 2021 By Robert Jackson, CPA Some potential borrowers who thought they had until March 31st to apply for a first or second draw PPP loan are finding that their bank has stopped taking applications, or will stop in the coming days, short of the actual deadline. While legislation to extend the deadline through May …

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President Biden Signs the American Rescue Plan Act (ARPA) of 2021

By Robert Jackson, CPA March 13, 2021 By Robert Jackson, CPA On Thursday, the President signed the American Rescue Plan Act (ARPA) into law. While the act does not expressly focus on tax legislation, it does contain income tax and payroll tax provisions worth discussing. In addition to the highly publicized direct payments (recovery rebates) to many Americans, …

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SBA Revises Loan Calculation For Schedule C Filers, Issues Separate New Forms For First and Second Draw Loans

By Robert Jackson, CPA Thursday, March 4, 2021 The Biden administration released a statement last month indicating that there would be changes to the PPP loan program – which included an exclusive 14-day application window for businesses and certain nonprofits with less than 20 employees.  Possibly the most anticipated change in that release – was …

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IRS Issues Notice 2021-20 Updating FAQs for the Employee Retention Credit

By Robert Jackson, CPA Wednesday, March 3, 2021 Earlier this week, the IRS issued Notice 2021-20, which updates previously issued FAQs for the Employee Retention Credit (ERC). Updates were necessary due to the changes provided under the Consolidated Appropriations Act, which was signed into law back in late December. Among the 102 pages of text is a …

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SBA Continues Gradual Re-Opening of PPP Program

By Kathy Davis and Robert Jackson, CPA Thursday, January 14, 2021 On Monday of this week the SBA re-opened first draw PPP applications to Community Financial Institutions (which include Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies and Microloan Intermediaries) and second draw applications to those same lenders on Wednesday. Beginning tomorrow (Friday, …

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COVID-19 STIMULUS BILL PASSED, PRESIDENT EXPECTED TO SIGN INTO LAW

By Robert Jackson, CPA December 22, 2020 Late last night the Senate overwhelmingly passed the long-awaited Covid-19 stimulus and funding package, preceded by a similar response in the House.  The White House has indicated that the President will sign it. The package, which originally began as a funding bill, provides much needed relief to the …

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SBA Updates Forgiveness Process

December 2, 2020 By Robert Jackson, CPA | COVID-19 Response Team Just before the Thanksgiving holiday, the SBA announced to lenders that the PPP Forgiveness Platform, which is available only to lenders, has been updated to include the new Loan Necessity Questionnaires (i.e. for loans of $ 2 million or more) that we discussed in …

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