Author: wscpa (page 15)

On June 4, 2020, the President signed into law the Paycheck Protection Program Flexibility Act after it passed the Senate with a unanimous vote. The bill drafted by the House extends certain provisions of the Paycheck Protection Program (PPP) to provide small businesses…

On May 28, 2020, in a nearly unanimous vote, the U.S. House of Representatives voted to extend certain provisions of the Paycheck Protection Program (PPP) to provide small businesses with relief in the timeframe and use of their PPP loan funds. While…

On May 15, the Small Business Administration (SBA) issued the Loan Forgiveness application and on May 22, the interim final rule guidance on the PPP loan forgiveness was issued. The interim final rule is the formal guidance that accompanies the forgiveness application and should be used…

The “CARES Act” provides a tax credit for eligible employers to encourage them to continue paying employees. The employee retention credit is available for employers that close or suspend operations or have much-reduced gross receipts due to the coronavirus pandemic. …

You have received your “Paycheck Protection Program” (PPP) loan.  Now what?  As of this writing, we still do not have the final Small Business Administration (SBA) rules on how the forgiveness provisions will work, but we do have the statute to give…

The EIDL (Economic Injury Disaster Loan) program is a program available to certain small businesses located in areas subject to a presidential disaster declaration that have suffered a substantial economic injury as a result. The CARES Act includes $10 billion to expand…

NOTE:  “The Small Business Administration will resume accepting PPP loan applications on Monday, April 27 at 10:30AM EDT from approved lenders on behalf of any eligible borrower. This will ensure that SBA has properly coded the system to account for…

On March 18, 2020, the Families First Coronavirus Response Act (FFCRA) was signed into law, marking the second major legislative initiative to address COVID-19.  The Families First Coronavirus Response Act requires paid leave for small-business employees affected by coronavirus and…

Phase 3 of the COVID-19 response plan, The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020.  Below outlines some changes to the existing SBA 7(a) loan programs and also provides information on SBA Disaster…

Phase 3 of the COVID-19 response plan, The Coronavirus Aid, Relief and Economic Security (CARES) Act was signed into law on March 27, 2020.   The bill builds upon earlier versions of the CARES Act and is intended to be a third…