How CPAs Can Minimize Liability When Assisting Clients With PPP Loan Forgiveness
7/21/20
By: Nancy Reimer and Elizabeth Lowery The CPA’s client received funds from the Paycheck Protection Program (“PPP”) under the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act and is asking if and how they will qualify for PPP loan forgiveness. As of this date, there is uncertainty over some of the program details and businesses…
Congress makes PPP forgiveness easier to obtain in passing the PPP Flexibility Act
6/5/20
By: Justin Boron You just got a reprieve on your forgiveness. In passing an amendment to the Paycheck Protection Program on Wednesday evening, Congress—among other changes it made to the PPP—extended the period to spend forgivable loan money from eight weeks to 24 weeks. The PPP Flexibility Act—which passed by unanimous consent in the Senate…
SBA Updates PPP Forgiveness Guidance: The Good News and The Bad News
5/27/20
By: Justin Boron If you borrowed less than $2 million for all of your businesses under the Paycheck Protection Program, you can feel re-assured that you won’t be questioned by the government on whether you really needed the money. The Small Business Administration made clear that those circumstances amount to a good-faith certification of need…
Finding Shelter from the Storm: SBA Issues New Guidance on Safe Harbors for PPP Borrowers
5/20/20
By: Anastasia Osbrink The safe harbor period for businesses that received the Small Business Administration’s (“SBA”) Paycheck Protection Program (“PPP”) loans expired on May 18, 2020 after a 4-day automatic extension. That safe harbor provided that businesses that repaid loans by that date would automatically be deemed to have satisfied the “good faith” requirement of…
CARES Act and Paycheck Protection Program
4/1/20
All businesses with 500 or fewer employees, including nonprofits, veterans organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors – can apply for loans that may be forgiven. Businesses in certain industries can have more than 500 employees if they meet applicable SBA employee-based size standards for those industries The Department of Treasury…