By Steve Whitehill 2020 was a tough year for business owners. Many small business owners are struggling to stay afloat during these challenging economic times. If you are one of them and are considering applying for loan forgiveness under the SBA’s Paycheck Protection Program (PPP), it would be in your best […]
by Steve Whitehill As you are all aware the PPP program has come back and as of today, January 13, 2021, and lenders are starting to take applications for the 1st & 2nd Draw PPP loan program. As before we are ready to help those who would like to apply for […]
The Bill includes roughly $900 billion in new COVID economic relief. The legislation also provides for over $300 billion for support of small businesses, including additional funding for the Paycheck Protection Program and Economic Injury Disaster Loans advances (grants). What Does the New Stimulus Bill Include with Respect to the PPP? […]
by Steve Whitehill In early October 2020, the Small Business Administration issued additional Paycheck Protection Program (PPP) guidance for simplified forgiveness for loans of $50,000 or less in order to ease the process from smaller borrowers. The move simplifies the proceeding of financial relief to small businesses and guarantees that taxpayer […]
By Steve Whitehill Thank goodness, there is a new “EZ” short form for borrowers who meet certain criteria. See instructions and form below. https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Form-EZ-Instructions.pdf https://home.treasury.gov/system/files/136/PPP-Forgiveness-Application-3508EZ.pdf There is also a revised standard application and instructions below. https://home.treasury.gov/system/files/136/PPP-Loan-Forgiveness-Application-Instructions_1.pdf https://home.treasury.gov/system/files/136/3245-0407-SBA-Form-3508-PPP-Forgiveness-Application.pdf Importantly pages 8-10 of this new rule (below) provide that you can pay […]
By MATTHEW LUTTINGER & BRAN NOONAN of Date May 8, 2020 The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provide short term loans to companies with fewer than 500 employees and other companies (such as those in the restaurant and hospitality industry). Such […]
By N. Richard Grassano, Boca Accounting, LLC Recent updates in relief packages and stimulus payments Let us begin with the$ 1200/500 stimulus payments. Many of you may have received your US Treasury Check and many of you probably have not. The promised website to give you a status report on your […]
The following is based on and extracted from an article in The Motley Fool by Ollen Douglass and a Report from the SBA. As of April 16, the SBA’s statistics are: Summary *Net Approved Dollars do not reflect the amount required for reimbursement to lenders per statute within the CARES Act. […]
The following was extracted from a Treasury FAQ page on their website. What follows are answers to some questions if have been asked. Can my PPP loan be forgiven in whole or in part? Yes. The amount of loan forgiveness can be up to the full principal amount of the loan […]
This article is an extracted from and article by Fenwick & West LLP. & Treasury Department website. Maximum Amount — The sum of (i) borrower’s average total monthly “payroll costs” during the one-year period leading up to loan origination multiplied by 2.5 (i.e., 2.5 times average monthly payroll costs) plus (ii) […]