Restaurant Revitalization Grants ready to roll soon
The Small Business Administration has announced that registrations for the $28.6 billion Restaurant Revitalization Fund grants will open at 9 a.m. EST Friday, April 30, with the application officially open at noon EST Monday, May 3. The online application will remain open to any eligible establishment until all funds are exhausted. If you plan to […]
What’s in the Covid relief bill: PPP Provisions
The latest Covid-19 relief bill, the Consolidated Appropriations Act of 2021, provides more funding for new Paycheck Protection Program loans, simplifies the forgiveness application process and allows tax deductibility for business expenses paid with forgiven PPP loans, among other provisions. Included in the $900 billion Covid relief bill is $325 billion in aid for small […]
SBA looks at ‘totality’ of borrower’s circumstances when determining need
The Small Business Administration has provided more clarity on the information requested of some PPP loan borrowers in a Loan Necessity Questionnaire. The SBA released this month PPP FAQ 53, which clarifies that the information provided on the questionnaire will help the SBA assess whether PPP loan borrowers’ certification – as required by the CARES […]
SBA issues necessity questionnaire for PPP loans of $2 million or more
The Small Business Administration has issued a necessity questionnaire that must be completed by businesses who received a PPP loan of $2 million or more. Borrowers must complete the questionnaire and provide the supporting documents to the lender servicing the loan within 10 days of receiving from their lender. We will provide more information to […]
PPP loan forgiveness FAQs released
The Small Business Administration released this week its first round of FAQs regarding the loan forgiveness process for Paycheck Protection Program Loans. These FAQs, which serve as guidance on the provisions of the CARES Act, follow closely to what we have been advising our clients already as we prepare their applications for PPP Loan forgiveness. […]
SBA revises the PPP loan forgiveness application
On June 17th, the SBA, in consultation with the Treasury Department, issued a revised, “borrower-friendly” Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, signed into law by President Trump on June 5, 2020. In addition to revising the full forgiveness application, SBA also published a new EZ version of […]
Keep all records related to PPP loans and forgiveness application
“Uncertainty” is a word that defines the era of coronavirus, but there is one thing that is certain: You must keep documentation of everything you do. Guidance continues to emerge, and more legislative changes have been made to the Paycheck Protection Program with the PPP Flexibility Act. How this will impact your loans or your […]
SBA: Any PPP loan less than $2 million deemed ‘necessary’
The Treasury Department and Small Business Administration clarified its rules today regarding small business owners’ need to certify the necessity of receiving loans through the Paycheck Protection Program One requirement to qualify for forgiveness of a PPP loan is that all borrowers must certify in good faith when submitting their applications that “current economic uncertainty makes […]
Coronavirus and Economic Impact Payments FAQs from IRS
Click below for a list of frequently asked questions regarding coronavirus-related economic impact payments and other resources from the IRS.gov website: https://www.irs.gov/coronavirus/coronavirus-and-economic-impact-payments-resources-and-guidance
IRS: PPP loan expenses not deductible
The IRS issued new guidance April 30 evening clarifying how the expenses paid with the loan proceeds through the Paycheck Protection Program are to be treated for tax purposes. According to the IRS, the forgivable portion of a PPP loan will not be included as gross income and will not be subject to taxation. However, […]