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 >>
COVID-19 has left few things unscathed this year, the IRS included.
In March, the IRS temporarily closed offices due to the public health emergency and announced the postponement of the filing deadline from April 15 to July 15. In addition, lawmakers then tasked the agency with distributing millions of stimulus checks at the beginning of April.
With all of those factors in mind, it’s not surprising that they are a bit behind this year. Here’s what you need to know:
Pending C Read More >>
A lot has happened so far in 2020, and changes to RMDs are no different.
A required minimum distribution (RMD) is the amount of money that must be withdrawn from a traditional IRA, SEP, or SIMPLE individual retirement account (IRA) by owners and qualified retirement plan participants of retirement age.
For 2020, RMDs apply to anyone who was at least age 70 ½ years old by the end of 2019 (for future years, the SECURE Act increased the RMD beginning age to 72). Typically, Read More >>
- you are a self-employed, independent contractor or sole proprietor and have no employees or
- you did not reduce the wages of your employees by
Now that the official forgiveness application has been released, here’s what you need to know about the application process and what documentation you’ll need. As a reminder, borrowers will need to complete this application at the close of their 8-week period.
The following components are outlined in the application: (1) the PPP Loan Forgiveness Calculation Form; (2) PPP Schedule A; (3) the PPP
Schedule A Worksheet; and (4) the (optional) PPP Borrower Demo Read More >>