by SKDOLast week, the SBA issued a set of FAQs regarding PPP Loan Forgiveness. The list contained some new information but did not address some of the most important questions Borrowers have, like what the reduction factors and wage limitations look like if borrowers apply for forgiveness before the full 8 or 24 weeks are up. […]
by SKDOThe SBA issued 2 new sets of guidelines on June 23 and 24th that have provided some of the answers we’ve been waiting for. We’ve summarized the main points below. Submitting an application—The SBA has stated that a borrower may apply for forgiveness at any point during their 8- or 24-week covered period. The deadline […]
by SKDOWithin the last week, the SBA has issued a number of new documents regarding PPP Loan Forgiveness, including an “EZ” version of the forgiveness application and some of the clarifications we had been hoping for. We have summarized the main points below. Owner-Employee: While the SBA still has not defined the term “owner-employee,” it did […]
by SKDOAfter business hours on Wednesday June 10th, the SBA issued their latest guidance on the PPP. Unfortunately, it didn’t answer many of the questions we had in our last post, but it did mention that they are working on revising their previous guidance and updating their application to conform with the Paycheck Protection Program Flexibility […]
by SKDOAs many of you have probably seen by now, the Senate approved the Paycheck Protection Program Flexibility Act on Wednesday night (6/3), and we hope that the President will sign it into law shortly. This bill provides some much-needed relief to small businesses who have been struggling to meet the demands and nuances of the […]
by SKDOUPDATE AS OF 5/22/20 This is the recording of our live panel discussion on the PPP Loan. In it we give a quick update on the most recent guidance issued and spend the majority of the time taking questions from those who attended. We touched on what answers the SBA has provided and what questions […]
by SKDOLast Friday night, the SBA released the PPP Loan Forgiveness application and related instructions. It was our hope that the radio silence from the SBA and US Treasury on the forgiveness piece meant that we would be getting guidance that would provide more answers. Instead, after being 20 days past their deadline, they’ve provided an extremely complex […]
by SKDOToday, May 13th, the Treasury issued its 10th Interim Rule for the Paycheck Protection Program and its 46th FAQ. The FAQ states that the SBA created a safe harbor whereby any PPP loan less than $2 million will not be subject to review or further scrutiny in regards to the good-faith certification requirement. This means that […]
by SKDOThe IRS issued a notice stating that no tax deduction will be allowed for any expenses later forgiven under the PPP loan, so, in essence, any amount forgiven will be taxable. This notice goes against the very intent of the CARES Act, which specifically stated that loan forgiveness would not be includible in gross income. […]
by SKDOAs most of you probably know by now, additional funds have been allocated to this program. Banks began processing applications again on Monday the 27th, so if you didn’t get in on the first round, you still have a chance. Everyone expects these funds to go even faster than before, so make sure to act […]