PRESIDENT BIDEN SIGNED $1 TRILLION INFRASTRUCTURE INVESTMENT AND JOBS ACT
As the 2021-year winds down, here’s a quick take away or quick summary of what you need to know about the $1 trillion dollar bill that was signed into law by President Joe Biden. The game changer in the new law includes IRS information reporting requirements that will require cryptocurrency exchanges to perform intermediary Form […]
SBA Releases Revised PPP Loan Forgiveness Application and a New EZ Application
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, […]
President Signs Paycheck Protection Program Flexibility Act (PPPFA) of 2020
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. […]
SBA Releases PPP Loan Forgiveness Application and Instructions
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, […]
SBA Releases Updated Frequently Asked Questions (FAQs) for PPP Loan Program
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 […]
SBA Debt Relief Program, Final Guidance Date on SBA PPP Forgiveness and Clarification on Qualified Cost Forgiveness for PPP
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 […]
Will I Receive Complete Loan Forgiveness on My PPP Loan? It’s Complicated.
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 […]
Forbes Article Highlights Financial Institutions PPP Loan Programs
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?
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, The Bad and The Ugly on PPP Loan Program
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 […]
