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 […]
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 […]
by SKDOIt has officially been over a full week since the SBA’s Paycheck Protection Program opened, and small businesses across the country are continuing to work their way through the application process. Although the roll-out of this program has been chaotic and frustrating, the opportunity to assist clients in receiving vital funds has been very rewarding. […]
by SKDOThe Paycheck Protection Program officially opened Friday morning after the SBA provided lending institutions with preliminary guidance late Thursday night. Although banks were not ready to start submitting applications at that point, some were still accepting them into their queues. Others were waiting to accept applications until they had their portals up and running. Even […]
by SKDOAs you may have seen in the news, the launch of the Paycheck Protection Program application process has been chaotic and full of uncertainty. The Treasury published the two-page application form Tuesday night but failed to provide lenders with detailed guidance needed to actually administer the loans. Thursday evening (4/2/20) after business hours, the SBA […]