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Smallest of Businesses to Get a Leg-Up in PPP Loan Access
There is more good news for small businesses in regard to the SBA’s Paycheck Protection Program! Beginning February 24th, 2021, there will be a two-week-long application period specifically for small businesses and nonprofits with fewer than 20 employees. This is in an attempt to give the smallest of our country’s businesses a leg up and make sure they are being served as best they can. There are also four additional changes to the PPP, enacted to help these small businesses even further...
Great News for Small Businesses – Second Round of PPP Loans Available!
On December 27th, the $900 billion relief bill became law; this law includes a revamp and extension of the Paycheck Protection Program. The Program, commonly referred to as PPP, is designed to help small businesses, nonprofits, and venues that have faced financial struggles due to the coronavirus pandemic. The most pertinent updates from the PPP revamp include the following: The bill allows new PPP applications to be submitted by eligible applicants who did not previously obtain a PPP loan;S...
Potential New Requirements for $2 million+ PPP Loan Recipients
In an effort to keep you apprised of updates to the Small Business Administration’s Paycheck Protection Program, we are circulating this article concerning loan forgiveness forms that may have been submitted. Specifically, it has come to our attention that the SBA plans to send additional PPP loan questionaries to businesses that received more than $2 million in loans. These questionnaires will focus on the “good faith” certification that businesses made when applying for a loan and ask f...
$50,000 or Less in PPP – If so, you will WANT to read this!
Great news for many PPP borrowers! For quite some time, the U.S. Small Business Administration and Treasury Department have been interested in simplifying the Paycheck Protection Program (“PPP”) forgiveness process for borrowers. On October 8, 2020, the Small Business Administration released a simplified PPP forgiveness application form, Form 3508S, designed to remove the headache from many small businesses that benefited from the program. This article is written to address some of the ...
PPP Loan Forgiveness Update: Online Bank Portals
This release is yet another regarding the SBA’s Paycheck Protection Program Loan Forgiveness program. As the loan forgiveness process is unpredictable due to constantly changing legislation, many banks previously declined to open an online portal to submit Forgiveness Applications. This was likely in an effort to reduce confusion and ensure applicants were not applying for their loans with outdated forms or assumptions. However, given the difficulty associated with predicting any action b...
PPP at 8 or PPP at 24 Weeks … Which Best for You? Read this First
Under new PPP regulations, borrowers with loans dated June 5th or earlier can elect to use either the original 8-week schedule or the new 24-week schedule to spend their PPP funding while still qualifying for forgiveness. Meanwhile, later borrowers are automatically subject to the 24-week period. For those early borrowers, there can be significant consequences - and benefits – depending on their decision – read on. Tempted at 24 but maybe 8? Although many borrowers might be tempted...
HOW TO GET READY FOR “PPP FORGIVENESS” MAKING IT HAPPEN!
So your business received PPP funding and you meet all the qualifications of forgiveness… What happens next? At the end of the covered period, you will need to work closely with your lender to begin the forgiveness process. Although your lender should be experienced and prepared to walk you through the process and although regulations are still in flux, this article is meant to give businesses an idea of what to expect when it comes time to apply for loan forgiveness. Have your documents r...
BREAKING NEWS: How Relaxation of PPP Guidelines Affects You and Answers to Your PPP Questions
On June 5th, The Paycheck Protection Program Flexibility Act became law after it was signed by the President – having received nearly unanimous support in both the House and Senate. This new law relaxed some of the regulations, and many businesses may be wondering how this affects PPP funding. Although the regulations are still in flux, the purpose of this article is to provide a concise snapshot of how PPP funding can be used to qualify for forgiveness. Because self-employed individuals and ...
Didn’t receive your PPP funding? There is another option.
For businesses that didn’t receive funding under the Paycheck Protection Program, Congress has approved the Employee Retention Credit to help them pull through the economic impacts of COVID-19. Under the Coronavirus, Relief, and Economic Security Act (“the CARES Act”), qualifying businesses can receive this tax credit worth as much as $5,000 per employee that they continue to pay throughout the 2020 calendar year.To qualify for the program, businesses just need to demonstrate either that ...