by SKDOThe SBA released multiple documents last night related to 1st and 2nd round PPP draws in 2021 as well as forgiveness applications submitted in 2021. The links on our PPP Page have been updated to reflect these new applications. Another document the SBA issued consolidated all of the rules they had previously issued related to […]
by SKDOWith the release of Form 3508S, a simplified PPP forgiveness application for loans under $50,000, we thought it would be helpful to record a short video explaining who exactly qualifies for this new application and how to fill it out. The application is very easy, so you may find you can fill it out on […]
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 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 SKDOThe Paycheck Protection Program has created a lot of uncertainty, frustration, and anticipation within the small business community. Despite the lack of guidance, many of our clients have been helped by the much-needed relief. If you have already been approved, you are now dealing with the next round of confusion—how to spend the proceeds. We […]