The law doesn’t provide the PPP with any additional funding. However, $7.25 billion in additional funding was recently provided in the American Rescue Plan Act. Read more
There are numerous provisions included in the Consolidated Appropriations Act, 2021 that can provide much-needed relief. Read more
It’s important to note that “PPP Round Two” is not the same as “PPP Round One” including new eligibility requirements for second-time borrowers. Read more
Two key requirements are the borrower must have no more than 300 employees and generally also must demonstrate at least a 25% reduction in gross receipts in one quarter of 2020 compared with the same... Read more
We have been waiting for tax guidance concerning the treatment of expenses used to seek forgiveness of PPP Loans and now we have it. Read more
Borrowers who received a Paycheck Protection Program Loan of $2 million dollars or more will now be required to submit a Loan Necessity Questionnaire. Read more
In the upper right-hand corner of PPP Loan forgiveness application Forms 3508, 3508EZ, and 3508S, there is an expiration date listed of 10/31/2020. The SBA has confirmed that is not a deadline for borrowers... Read more
This interim final ruling will affect forgiveness and review procedures for PPP Loans of $50,000 or less. Read more
The Small Business Administration has released new Paycheck Protection Program guidance on procedures that must be followed when a change in ownership occurs. Read more
Lenders have been told that they should not file cancellation of debt (Form 1099-C) to borrowers for forgiveness of debt related to the Paycheck Protection Program. Read more
