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SBA Issues Guidance on Second Draw Paycheck Protection Program Loans; Reductions in Gross Receipts

The SBA issued 18 pages of guidance in the form of Frequently Asked Questions (FAQs) to help companies assess whether they qualify to borrow funds under the Paycheck Protection Program and the types of documentation they would need to. Read More >>

SBA & Treasury Announce Full Reopening of Paycheck Protection Program Applications

Earlier this week we posted that the revamped Paycheck Protection Program (PPP) application portals had reopened for select borrowers and would be open to all other businesses shortly thereafter. Application forms for first and second-draw loans were made available.. Read More >>

Revamped Paycheck Protection Program Opens, Application Forms Released

As we mentioned last week, the U.S. Small Business Administration (SBA) and Treasury released the loan application forms for the revamped Paycheck Protection Program (PPP). The application portals, which launch today, are open for small community financial institutions to. Read More >>

SBA & Treasury Issue Guidance for Second Draw Paycheck Protection Program Funding

*UPDATE* The SBA and Treasury announced that the revamped Paycheck Protection Program will open Monday 1/11/21 for select lenders and borrowers. Read post >> The U.S. Small Business Administration (SBA) and Treasury issued regulatory guidance Wednesday evening for the. Read More >>

Details of the Bipartisan COVID Relief Plan Proposal

Congressional leaders are currently working on a bipartisan proposal to provide additional stimulus to the U.S. economy in the waning days of the lame duck session. Although many of the details are still unknown, the American Institute of CPAs. Read More >>

AICPA Joins 80+ Organizations Concerned About Paycheck Protection Program Loan Necessity Questionnaires

We previously reported that the Small Business Administration (SBA) issued a draft on October 26 to begin asking Paycheck Protection Program (PPP) lenders to issue “Loan Necessity Questionnaires” to borrowers that received $2 million or more in funds from. Read More >>

Tips for Supporting $2M+ Paycheck Protection Program Loan Necessity

While forgiveness may be simplified for PPP loan borrowers of $50K or less, things may not be so simple for borrowers in excess of $2M. As we reported last week, the Small Business Administration (SBA) is expected to issue. Read More >>

SBA to Release New Forms to Validate Paycheck Protection Program Loans in Excess of $2M

On October 26, 2020, the Small Business Administration (“SBA”) posted a notice stating that it intends to release two new forms relating to the infamous FAQ #31 relating to borrowers’ good faith certifications that “[c]urrent economic uncertainty makes this. Read More >>

Forgiveness Simplified for Paycheck Protection Program Loans of $50K or Less

As U.S. taxpayers anxiously await potential movement on a new stimulus package, the Small Business Administration (SBA) and Treasury Department released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This effort aims. Read More >>

SBA and Treasury Address Owner-Employee Compensation and Rental Expenses in Latest Paycheck Protection Program Guidance

Following on the heels of the U.S. Small Business Administration (SBA) and Treasury’s recent issuance of 23 new FAQs addressing Paycheck Protection Program (PPP) loan forgiveness, additional guidance has been issued related to owner-employee compensation and the eligibility of. Read More >>