Reading Time: 2 minutes Last Friday, the Department of Treasury and Internal Revenue Service issued Notice 2020-65 implementing President Trump’s Executive Order allowing employers the option to defer withholding and payment of the employee’s portion of the Social Security tax* if the employee’s wages fall below a certain threshold. The payroll tax deferral is available with respect.
Reading Time: 3 minutes For many borrowers, the Paycheck Protection Program (PPP) loan periods have now either ended or are well underway. With this milestone sparks interest in learning what expenses can be forgiven, as well as how to apply for forgiveness. Here are a few items to consider regarding ppp loan forgiveness. When Should You Apply? Right.
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.