June 25, 2020 There are still a number of questions both under the original provisions and under the Flexibility Act but these insights will assist your planning. If you already have your PPP funds, we’ve identified insights for you. If you don’t have the funding yet, you must apply immediately to assure an SBA number …
Self-Employed Persons – Understanding the Payroll Protection Program (PPP) Read More »
Released Wednesday, June 17thThursday, June 18, 2020 The Small Business Administration (SBA), in conjunction with the US Treasury, has released revisions to the Interim Final Rule relating to the Paycheck Protection Program (PPP) and released two new PPP Loan Forgiveness applications. Our COVID-19 Response Team discusses the major updates, along with links to the revised PPP …
SBA Releases Revisions to Interim Final Rule and Revised PPP Forgiveness Application Read More »
June 16, 2020 By Kathy Davis, CPA Our COVID-19 Response Team received additional guidance when the SBA issued the application dated May 20, 2020, and then, finally, H.R. 7010 (extension of time to spend the funds and decrease in payroll costs to the other applicable costs, signed by the President on June 5, 2020). Now, …
Paycheck Protection Program – Status of Filing for Forgiveness Read More »
Thursday, June 4, 2020 In response to the recently passed Paycheck Protection Flexibility Act (PPFA), our COVID-19 Response Team has updated our frequently requested Forgiveness Calculator. Our new June Update Loan Forgiveness Calculator includes the recent changes from the PPFA, including FTE calculations. The PPFA is pending final signature from the President (as of 5:15 …
JUNE UPDATE: Estimated Loan Forgiveness Calculator Read More »
June 3, 2020 On June 3, 2020, the Senate, by unanimous consent, cleared the bill the House passed on May 28th to extend the Paycheck Protection Program (PPP). The President is expected to sign the bill soon. The bill known as the Paycheck Protection Flexibility Act (H.R. 7010) includes the following provisions: Extends the PPP …
The Paycheck Protection Flexibility Act Awaits the President’s Signature Read More »
Tuesday, May 19, 2020 SBA’s newest Interim Final Rule, posted on May 18th, clarifies that borrowers must count all employees, both foreign and domestic, for purposes of the size limitations of the PPP, subject to certain exceptions to affiliation. The IFR follows closely after the SBA and U.S. Department of Treasury published FAQ 44 on …
Monday, May 18, 2020 By Kathy Davis, CPA | COVID-19 Response Team On May 15th, the SBA released the application that borrowers must use to determine the amount of the loan that may be “forgiven” by their lender. There are still unknown items, for which we expect additional guidance, but we will highlight a few …
Release of SBA Paycheck Protection Program Loan Forgiveness Application Read More »
Friday, May 15, 2020 By COVID-19 Response Team The following was released earlier this evening. We are still analyzing, but here are critical components of the summary of costs eligible for forgiveness: Incurred and paid Payroll Paid = considered paid on date payroll checks are distributed Incurred = Day the employee’s pay is earned Payroll costs …
Thursday, May 14, 2020 By COVID-19 Response Team SBA just added FAQ #47 47. Question: An SBA interim final rule posted on May 8, 2020, provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required …
BREAKING: SBA Extends Date for Safe Harbor Return of PPP Funds Read More »
Thursday, May 14, 2020 On April 24, 2020, SBA posted an Interim Final Rule (IFR) in part stating: “However, if you are a partner in a partnership, you may not submit a separate PPP loan application for yourself as a self-employed individual. Instead, the self-employment income of general active partners may be reported as a …
SBA Issues Interim Final Rule (IFR) on Loan Increases Read More »
