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BREAKING: Critical Update Relating to PPP Forgiveness and Taxable Income

By / News /

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

By / News /

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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UPDATE: SBA to Resume PPP Loan Applications Monday

By / News /

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

By / News /

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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FRIDAY: What a Week!

By / News /

Friday, April 3, 2020 To our clients and friends – What a week! We appreciate your patience as we worked through the changing SBA guidance to assist with the Paycheck Protection Program (PPP). While not at such a frantic pace, we will continue to make you aware of other important provisions of the legislation. To …

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**URGENT UPDATE** PPP Application Updated Friday Morning

By / News /

Friday, April 3, 2020 **Note – Guidance given in all COVID-19 government assistance programs was provided with the most current information made available to Apple Growth Partners at the time of response. Clarifications and further guidance is being disseminated from government authorities in an ‘on-going’ matter. All guidance should be reaffirmed prior to the submission …

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Small Business Loans Now Easier for ESOPs

By / Healthy Growth Blog /

By Eric Flickinger, CPA/ABV Signed into law by President Trump on August 13, 2018, the John S. McCain National Defense Authorization Act includes a section supporting the formation of employee stock ownership plans (ESOP) and cooperatives. The actual section buried in the defense bill can be found here (click here to access the full law). …

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