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 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 Steve Whitehill, Anchor Business Brokers To this point we have covered how to determine the “Cash” compensation portion of payroll for the Schedule A worksheet of the loan Forgiveness application (SBA Form 3508). The next topic is the Non-Cash Compensation & Compensation to Owner. Non-Cash Compensation First, we will be […]
By Steve Whitehill, Anchor Business Advisors If you have questions after reading this series please feel free to contact us. In part 1 we discussed what you got the PPP loan for and what you can use the money for. In this installment, we will be filling out part of the […]