Senate Unanimously Passes Extension to Apply for PPP Loans
On Tuesday, June 30, 2020, the U.S. Senate passed a measure to extend the deadline to apply for PPP loans from the SBA by unanimous vote. The application period ended at midnight on June 30; the extension approved would be for 5 weeks, ending August 8, 2020. While the SBA has approved nearly 4.9 million […]
PPP Loan Forgiveness – SBA Issues 2 New Interim Final Rules
On Friday, May 22, 2020, the Small Business Administration (SBA) published new Interim Final Rules addressing some of the questions raised or remaining following the release of their Paycheck Protection Program (PPP) Loan Forgiveness Application. To download the PPP Loan Application Forgiveness package, please click here. The new Interim Final Rules provide clarity on several […]
SBA Issues PPP Loan Forgiveness Application
On Friday, May 15, 2020, the Small Business Administration (SBA) published its application for forgiveness of Paycheck Protection Program (PPP) loans issued pursuant to the CARES Act. The application, together with instructions, is 11 pages long. Unfortunately, many borrowers are already half-way through their 8-week “covered period,” and could have used the information from the […]
PPP Maximum Allowable Forgiveness Amount
Some of you have already received SBA loans under the Paycheck Protection Program (PPP) and may now be wondering how the loan forgiveness provisions will work. PPP loans may be forgiven, as determined by the Maximum Allowable Forgiveness Amount (MAFA), which represents the sum of the allowable costs incurred during the 8-week period after the […]
IRS Now Says No Tax Deduction For PPP Covered Expenses
Last week, the Internal Revenue Service (IRS) issued Notice 2020-32, providing the first explicit guidance on the tax treatment of funds spent from the Paycheck Protection Program (PPP) loans. PPP loans, as the name suggests, are to be used to cover expenses which include payroll-related expenses, such as salaries and wages, paid time off, and […]
The Virtual CFO Minute Episode V
Until next Wednesday – Peace, Eric
UPDATE – House Passes Additional Funding for Small Business Relief
On Thursday, April 23, 2020, the United States House of Representatives passed the Senate-approved $484 billion bill pertaining to additional funding for the damage due to the novel coronavirus. President Trump is expected to sign the bill today. Of the $484 billion, $310 billion is specifically earmarked for the U.S. Small Business Administration (SBA) to […]
Senate Passes Additional Funding for Small Business Relief
On Tuesday, April 21, 2020, the United States Senate approved a $484 billion bill pertaining to additional funding for the damage due to the novel coronavirus. The House of Representatives is expected to vote on the measure at 10:00 AM on Thursday, April 23, 2020. President Trump has said that when it passes, he will […]
The SBA Changes its Mind Again – New Guidance on PPP Loan Applications For Partnerships
President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act into law on March 27, 2020, the largest economic stimulus package in this country’s history. One of the provisions of the CARES Act is the Paycheck Protection Program (PPP), which currently authorizes up to $349 billion in forgivable loans to small businesses – […]
The Paycheck Protection Program Could Help Your Business Now
On March 26, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest economic stimulus package in this country’s history. One of the provisions of the CARES Act is the Paycheck Protection Program (PPP), which authorizes up to $349 billion in forgivable loans to small businesses – those […]