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SBA

SBA’s Newest PPP Interim Final Rule Clarifies Foreign Employees Must be Counted to Determine Size

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 …

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Release of SBA Paycheck Protection Program Loan Forgiveness Application

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 …

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BREAKING: SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

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 …

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BREAKING: SBA Releases Clarification Regarding Certification

BREAKING: SBA Releases Clarification Regarding the Certification  Wednesday, May 13, 2020 SBA just released FAQ #46, which is the expected guidance regarding the certification. Any borrower, including affiliates, that received PPP loans of less than $2 million will be deemed to have made the required certification in good faith. Borrowers with loans greater than $2 …

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SBA Additional Guidance to be Issued Prior to May 14

SBA Additional Guidance on Certification to be Issued Prior to May 14, 2020 Wednesday, May 13, 2020 COVID-19 Response Team With May 14th rapidly approaching, we expected SBA to release the additional guidance earlier this week. As of this morning, here is the posting in today’s Federal Register. “Editorial Note: An agency letter requesting withdraw …

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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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