Senate Approves Paycheck Protection Program Flexibility Act of 2020

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The bipartisan House-approved Paycheck Protection Program Flexibility Act (H.R. 7010) was passed on June 3, 2020, after Senate Majority Leader Mitch McConnell, (R-KY), pushed his colleagues to support the measure passed by the House of Representatives, overcoming the objections of certain Senators who were still placing holds on the bill as late as Wednesday afternoon. […]

Webinar – PPP Loans Part II: Understanding the Current Status of Loan Forgiveness and Other New Developments Affecting Borrowers

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Join us!  Zoom Details will be provided upon registration. Limited Spots Available! The race will soon be on for seeking forgiveness for amounts borrowed under the PPP loan program under the CARES Act. This program is intended to bring participants up to date on the latest developments on that important topic, as well as other […]

SBA Offers Additional PPP Loan Forgiveness Information

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A week after releasing the long-awaited Paycheck Protection Program (PPP) Loan Forgiveness Instructions and Application on May 15, 2020, the U.S. Treasury and Small Business Administration (SBA) followed up with additional guidance in the form of two new interim final rules on May 22, 2020. This new information addresses many common questions, but does not […]

Paycheck Protection Program Loan Forgiveness Application Released

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The Small Business Administration (SBA), in consultation with the U.S. Department of Treasury released their Paycheck Protection Program (PPP) loan forgiveness application on Friday, May 15, 2020. Included with the application are detailed instructions for completion of the form, which add clarification to many questions borrowers have been asking with respect to the forgiveness aspects […]

SBA Releases Good News for PPP Loan Borrowers Under $2 Million

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With pressure mounting and a looming potential deadline for borrower amnesty for Paycheck Protection Program (PPP) loans inappropriately taken, the Small Business Administration (SBA) has provided good news for borrowers. The SBA released additional guidance (in the form of a new PPP FAQ) on May 13, 2020, to address the “good faith certification” regarding the […]

IRS Denial of Tax Deductions Paid from PPP Loans Draws Congressional Ire

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IRS Notice 2020-32, released last week, clarified that expenses paid with proceeds from a Paycheck Protection Program (PPP) loan will NOT be deductible in the determination of an employer’s/borrower’s taxable income for 2020. (see related post) This decision has raised the ire of many Congressional leaders who argue that the loss of these deductions was […]

Further SBA Guidance Extends Safe Harbor Deadline for PPP Loans

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On May 5, 2020, the SBA issued yet another new addition to its PPP FAQs, the latest in a “dribble out” of guidance that, slowly but surely, is leaning toward clarification of certain unknowns in obtaining the promised loan forgiveness for these borrowings. The new FAQ (#43) extends the safe harbor deadline for returning amounts […]

New SBA Guidance on PPP Loan Forgiveness Related to Laid-Off Employees

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The SBA issued additional guidance related to the Paycheck Protection Program (PPP) loan forgiveness reduction calculations, adding three new questions and answers (#40-42) to its PPP FAQs. Laid-Off Employees The FAQ with the widest reach (#40), addresses how PPP loan borrowers should handle employees who have been recalled to work after a layoff but refuse […]