COVID-19 Archives - Page 3 of 4

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PPP loans of $50,000 or less get simplified rules from the SBA

The Small Business Administration (SBA) and Treasury announced on October 8 that a simplified application (Form 3508S) for Paycheck Protection Program (PPP) loan forgiveness is now available for borrowers whose loans fall in the $50,000 or less threshold. As more and more businesses begin filing for PPP…

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Latest update to PPP provides guidance on owner-employee compensation, non-payroll costs

On Aug. 24, the Small Business Administration (SBA) and Treasury issued the latest interim final rule update to the Paycheck Protection Program (PPP) that seeks to clarify guidance related to owner-employee compensation and non-payroll costs. This guidance has been long-awaited and…

COVID-19 FAQs

Will I receive cash from the government? If so, when? Single individuals with 2019 (2018, if your 2019 return hasn’t been filed yet) Adjusted Gross Income (AGI) up to $75,000 ($112,500 if you file as “head of household”) will generally…

Latest PPP FAQ Document- An overview of some of the most notable clarified guidance

The Small Business Administration (SBA) and Treasury released an updated Paycheck Protection Program (PPP) FAQ on Aug. 4 in an effort to address PPP loan forgiveness issues that have arisen as borrowers begin to complete their applications. The 23 FAQs address various…

House, Senate Approve 5-week PPP Extension

The U.S. Senate and House of Representatives have both unanimously agreed to extend the Paycheck Protection Program (PPP) by five weeks in an effort to continue providing relief for small businesses hit hard by the pandemic. Applications officially closed for…

PPP Extension Bill Approved by Senate, Signed by President

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…

House passes bill to extend, expand provisions of PPP

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…

SBA guidance on PPP Loan Forgiveness issued

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…

Employer Retention Credit- an alternative to PPP

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. …

PPP Loan Forgiveness- Next Steps

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…

Category: COVID-19 (page 3)