On June 17, the SBA released a revised application form and instructions that companies will use to apply for loan forgiveness. The SBA also released a new EZ application form which reduces the calculations and documentation needed. The new EZ form can be used if any one of these apply: Borrower is a self-employed individual, […]

On Friday, the President signed the Paycheck Protection Program Flexibility Act of 2020 (“PPPFA”).  The PPPFA will provide flexibility to borrowers to maximize the benefits provided by the Paycheck Protection Program (“PPP”) established as part of the CARES Act. This Act helps bring all borrowers of the PPP loan closer to obtaining full loan forgiveness. […]

On May 15, the SBA released the application form and instructions that companies will use to apply for loan forgiveness. The application has four parts: PPP Loan Forgiveness Calculation Form, Schedule A, Schedule A Worksheet and an optional Borrower Demographic Information Form. The SBA also announced that additional guidance will be released in the future, […]

On May 5, the SBA released updated Frequently Asked Questions (FAQs) for the PPP Loan Program. Question #40 specifically addresses the issue of employees refusing to be rehired. It states that these employees will be excluded from the loan forgiveness reduction calculation. To be excluded, the employer must have a written offer to the employee […]

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 […]