This blog was updated 3/31/21 Over the course of the COVID-19 pandemic the federal government has implemented various programs to help business owners keep their doors open. Below highlights where four critical sources of funding — Paycheck Protection Program, Economic Injury Disaster Loan...
Read More** Updated 1/8/21 ** The long awaited follow up to the CARES Act passed back in March was signed into law on Sunday, December 28, 2020. The Consolidated Appropriations Act, 2021 includes a $284 billion allocation to the Small Business Association (SBA) for the continuation of the Paycheck...
Read MoreNavigating the Paycheck Protection Program (PPP) eligibility and forgiveness has proven to be complicated. Frequently changing and sometimes unclear direction creates challenges even for owners of smaller, single entity companies. These complexities increase exponentially in the context of an M&A...
Read MoreAfter months of speculation about whether expenses related to Paycheck Protection Program (PPP) loans would be tax deductible in 2020, if in fact forgiveness is not approved until 2021, the IRS has provided an answer. In April, Notice 2020-32 put the IRS’ position on deductibility of expenses...
Read MorePaycheck Protection Program (PPP) loan recipients may soon have yet another form to complete to be eligible for loan forgiveness. On October 26, the SBA published a 30-day notice for comments in the Federal Register, which included two “loan necessity questionnaires”: SBA Form 3509, which targets...
Read MoreUnderstanding and applying for forgiveness for Paycheck Protection Program (PPP) loans continue to be a priority, and a challenge, for many loan recipients. Below offers the latest updates and clarifications to help you prepare. 1. SBA Releases Simplified Forgiveness Forms for Smaller Loans On...
Read MoreThe Main Street Lending Program was introduced in April as part of the CARES Act to provide expanded relief for small and medium sized businesses. The $600 billion lending facility runs through banks and offers four-year loans to eligible borrowers. On July 17, 2020, the Federal Reserve released...
Read MoreThe U.S. Small Business Administration (SBA) has released detailed loan-level data on Paycheck Protection Program (PPP) loans exceeding $150,000. The data includes business names, addresses, NAICS codes, zip codes, business type, demographic data, nonprofit information, name of lender, jobs...
Read MoreOn Saturday, July 4th, President Trump signed into law an eight-week extension of the Paycheck Protection Program (PPP), after its approval in Congress. The program still has $131.9 billion to loan out and is accepting initial applications as of July 6, 2020, at 9:00 a.m. EDT. Employers who have...
Read MoreThe SBA has released an updated forgiveness application form for the Paycheck Protection Program (PPP) — form 3508 and instructions. They also introduced a streamlined version of the forgiveness application — form 3508EZ and instructions. The updates include the changes passed two weeks ago under...
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