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 […]
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 […]
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 […]
