Archive for the ‘COVID-19’ Category

Monday 05/18/2020

Highlights from SBA Guidance on Forgiveness

The SBA and Department of the Treasury have released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions. Most of our outstanding questions have been answered but a few still remain. We’ve put together a summary of what you need to know regarding this additional guidance: Aligning Eight Week Forgiveness Window to Payroll […]

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Wednesday 05/13/2020

PPP Loans Under $2 Million Automatically Meet Good-Faith Certification

The SBA and Treasury Department announced today, May 13, 2020, the following as it pertains to safe-harbor certification: Question: How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? SBA, in consultation with the Department of the Treasury, has determined that the following safe harbor will apply to SBA’s review of […]

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Monday 05/11/2020

PPP Frequently Asked Questions

We’re still receiving many questions regarding the Paycheck Protection Program (PPP). As we continue to await further guidance, here’s what we know: What are the three measurement areas related to loan forgiveness? At least 75% of the loan amount must be used for payroll costs; Employee Full Time Equivalents (FTE) count must be maintained during […]

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PPP Repayment For Safe Harbor Date Extended to May 14th

Treasury and SBA issue new guidance on Paycheck Protection Program UPDATE: Announced on May 13, all PPP loans under $2 million automatically meet good-faith certification. The SBA and Treasury Department has extended the deadline to repay PPP loans from May 7 to May 14. Borrowers now have until May 14, 2020 to decide whether to return PPP […]

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Friday 05/01/2020

IRS Notice 2020-32: Expenses Paid with PPP Funds Deemed Nondeductible

Late yesterday, the IRS released Notice 2020-32, clarifying how the IRS will treat expenses paid with funds from the Paycheck Protection Program (PPP). The PPP provides 8 weeks of cash-flow assistance through 100 percent federally guaranteed loans to small employers who maintain their payroll during the COVID-19 crisis. If the employer maintains payroll, the portion […]

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