Monday 10/12/2020

Good News for Borrowers with loans of $50,000 or less

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 […]

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Important PPP Update for Borrowers Mid-Transfer

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 […]

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Thursday 10/01/2020

What’s Next for PPP Forgiveness

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 […]

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Monday 08/31/2020

Payroll Tax Deferral Considerations

On August 8, 2020, President Trump signed an executive memorandum calling for a payroll tax holiday for Americans making less than $104,000. This results in a deferral of the employee portion of the social security taxes owed between September 1, 2020, and December 31, 2020. On Friday, August 28, the IRS released further guidance. When weighing […]

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