Monthly Archives: April 2020

The SBA announced that they will pay the monthly principal and interest payments for all existing SBA back loans 7(a), 504 and micro loans other than PPP and EIDL automatically for six months. Borrowers do not need to apply for this assistance. For those clients that have SBA backed loans, you should contact your bank […]

This is a question that we are hearing from our clients and unfortunately, the SBA is making the forgiveness portion just as complicated as the loan process itself. Before we tackle the question…The good news is that The Senate has approved the next round of funding that includes $310 billion for the PPP program and […]

Anyone who is having trouble getting a PPP loan because their bank is not participating or has stopped taking applications, a recent Forbes article highlights national and regional financial institutions PPP loan application status including institutions still accepting applications. https://www.forbes.com/sites/advisor/2020/04/09/which-banks-are-accepting-paycheck-protection-program-loan-applications/#1275e30c3720 If you have any questions, please do not hesitate to contact your Core accountant or […]

How much of my PPP loan will be forgiven? The eight (8) week period to determine loan forgiveness begins on the day that the loan is funded. The maximum amount of a PPP loan that is eligible for forgiveness is equal to the amount the employer spends on qualifying expenses during the eight-week period which […]

The Good This week, our clients applied for over $10.8 million in PPP loan applications which will continue to rise next week as more banks start taking applications. We are seeing small banks process and approve loans faster than big banks. This is due to most small banks not using an online application process and […]

If your bank is not participating in the PPP loan program, QuickBooks may be a good place to apply. QuickBooks announced that they are going to be processing PPP loans. A window pops up on the home page with information. The application process has not started, but you can complete your email and product used […]