October 2020 - Corrigan Krause | Ohio CPA Firm

State of Ohio Designates $125M of CARES Act funding to Small Business Relief Grants

Governor Mike DeWine recently announced the allocation of $125 million of federal CARES Act funding to provide $10,000 grants to aid small businesses hurt by the current crisis. Additional funding was also announced for bars and restaurants, higher education, and nonprofits and arts organizations.

The Small Business Relief Grant is designed to assist Ohio businesses that have been har

On October 8, the SBA released Form 3580S, a simpler loan forgiveness application for PPP loans of $50,000 or less.

According to Secretary Steven T. Mnuchin, “The PPP has provided 5.2 million loans worth $525 billion to American small businesses, providing critical economic relief and supporting more than 51 million jobs. Today’s action streamlines the forgiveness process for PPP borrowers with loans of $50,000 or less and thousands of PPP lenders who worked around the c Read More >>

On October 2, the SBA released a Procedural Notice regarding PPP Loans regarding transfer guidelines.

For purposes of the PPP, a “change of ownership” will be considered to have occurred when:

(1) at least 20 percent of the common stock or other ownership interest of a PPP borrower (including a publicly-traded entity) is sold or otherwise transferred, whether in one or more transactions, 1 including to an affiliate or an existing owner of the entity

(2) the PPP borrower sell Read More >>

Even with questions still lingering, many “covered periods” are coming to a close for PPP loan recipients, and business owners are looking for guidance on the forgiveness process. What are the next steps?

The Journal of Accountancy said it best, “The PPP was born in a flash — the U.S. Small Business Administration and Treasury launched the program in only a week — and forged in a flurry of interim final rules and frequently asked questions. That guidance often raised mo