Reading Time: 2 minutes Small businesses and other eligible organizations/individuals still have an opportunity to obtain a potentially forgivable Paycheck Protection Program loan to help fund their payroll costs and certain non-payroll costs (i.e. mortgage interest, rent and utilities) during this time of economic uncertainty. While there is still $129 Billion of funds available in the Paycheck Protection.
Reading Time: 3 minutes Today, the President signed into law the Paycheck Protection Program Flexibility Act of 2020. The provisions of the new bill significantly modify the Paycheck Protection Program and give borrowers greater flexibility in using loan proceeds as well as obtaining loan forgiveness. The new provisions include the following: Extension of the covered period from.
Reading Time: 4 minutes On Friday, May 22nd, the U.S. Small Business Administration (SBA) released guidance on the Paycheck Protection Program loan forgiveness. The 26-page Interim Final Rule (IFR) provides some clarity concerning loan forgiveness requirements and is intended to help Paycheck Protection Program borrowers prepare and submit loan forgiveness applications as provided for in the CARES Act..
Reading Time: 3 minutes On Friday, May 15th, the Small Business Administration (SBA) released their Paycheck Protection Program (PPP) loan forgiveness application and instructions. The new form provides step-by step instructions on how to calculate the amount that is eligible for loan forgiveness. In addition, the form includes some new measures that are intended to simplify the process.
Reading Time: 2 minutes The U.S. Small Business Administration (SBA) and the Department of Treasury issued new guidance today regarding the good-faith certification that is required of loan applicants under the Paycheck Protection Program. The good-faith certification specifically states that “the uncertainty of current economic conditions makes necessary the loan request to support the ongoing operations of.
Reading Time: 2 minutes On April 30, 2020, the IRS released a notice (2020-32) that clarified the deductibility of certain expenses for loan recipients under the Paycheck Protection Program. Specifically, the IRS states that paid expenses, that would otherwise be deductible, will be disallowed to the extent of the forgiven loan amount. Under the Coronavirus Aid, Relief,.
Reading Time: 4 minutes Among the many business provisions of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, are those meant to aid individual taxpayers. Below are a few of the key individual tax-related provisions. Recovery Rebates for Individuals To help individuals stay afloat during this time of economic uncertainty, the government will send up-to-$1,200 payments.