Senate Passes Paycheck Protection Flexibility Act June 4, 2020
On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money.
Here is a brief overview of the key provisions contained in the bill:
Loan recipients ...Read more
New Guidance Regarding PPP Loan Forgiveness May 26, 2020
On May 22, the Small Business Administration (SBA), in conjunction with the U.S. Treasury, released additional guidance for recipients of loans through the Paycheck Protection Program (PPP). A recent article from the Journal of Accountancy examines the details of the new release.
The SBA issued two new interim final rules, one regarding requirements for loan forgiveness ...Read more
SBA Releases Application for PPP Loan Forgiveness May 18, 2020
On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness.
The application must be completed and submitted to the lender that serviced the borrower’s ...Read more
New SBA Guidance Regarding Paycheck Protection Program May 13, 2020
On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?”
One of the requirements when submitting a PPP loan application is a self-certification ...Read more
Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work? May 6, 2020
The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable.
Firstly, what are the requirements ...Read more
Should You Return Your PPP Loan? May 4, 2020
You have probably read in the news about the backlash that some public companies have experienced as a result of accepting loans through the Paycheck Protection Program (PPP). As a result of the public outcry, many of the large organizations have chosen to give back the PPP loan funds. What you may not have heard ...Read more
President Enacts $484 Billion Virus Aid Bill April 24, 2020
On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following:
$310 billion in additional funding ...Read more
CARES Act FAQ: Retirement Plan Withdrawals April 9, 2020
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes an allowance for penalty-free early withdrawals from retirement accounts.
Below, we address some of the common questions regarding this particular initiative. If you cannot find the answer to your question, please do not hesitate ...Read more
Watch Out for Coronavirus-Related Scams April 9, 2020
On Thursday, April 2, the Internal Revenue Service (IRS) issued a warning concerning the development of new scams related to the coronavirus, particularly the recovery rebates legislated by the CARES Act. It is not surprising that criminals are taking advantage of the chaos resulting from the coronavirus outbreak to perpetrate fraud.
The IRS has observed an ...Read more
CARES Act FAQ: Employee Retention Credit April 9, 2020
On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a wide range of business tax provisions, including a new credit for employers that retain their employees.
Below, we address some of the common questions regarding this particular initiative. If you cannot find the ...Read more