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 […]

SBA’s EIDL Program Appears to Be in Deep Trouble

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Though not noted in its recent news release announcing that the application portal would reopen for certain agricultural businesses now eligible for the SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs, it has been widely reported that the program has been crushed by applications. The SBA stopped accepting new applications on April 15, […]

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 […]

Good News for NFPs about PPP Loans and Single Audit Requirements

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The CARES Act created the Paycheck Protection Program (PPP) to provide loans to assist businesses and not-for-profit (NFP) organizations through the current crisis. However, many NFPs were concerned that if they received a loan and it was forgiven, the funds would be considered a government grant and would cause them to cross the Single Audit […]

Paycheck Protection Program Loans – Round 2

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After getting hung up for several weeks in the Senate, on April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) into law. This is the fourth piece of legislation providing COVID-19 relief. The new $484 Billion package includes $310 to replenish funding for the Paycheck Protection […]

FAQs Issued to Further Clarify Guidance on PPP Loans

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In the flurry of releasing millions of dollars of loan requests from small businesses under the CARES Act’s Paycheck Protection Program (PPP), the Small Business Administration (SBA), in consultation with Department of the Treasury, issued additional guidance on April 6, 2020. These Frequently Asked Questions (FAQs) go a long way in clarifying the intent of […]

Comparing Small Business Relief Packages

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There are numerous relief programs available to small business owners negatively impacted by the Coronavirus pandemic. We have previously posted detailed information on each these programs, which can be accessed at the “related posts” links at the bottom. The following summaries and links provide quick access to additional information. For further assistance, please feel free […]

SBA Issues Additional Guidance for Paycheck Protection Program Loans

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UPDATE (4/7/20): the SBA and Treasury have released FAQs to Provide Additional Clarity As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA issued an interim final rule and a new application form (that requires […]