May 19, 2020

SBA Releases Application for PPP Loan Forgiveness

On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. Click here to view the loan forgiveness application and instructions in full.   The […]

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May 18, 2020

New SBA Guidance Regarding Loan Increases for Partnerships, Seasonal Employers

On May 13, the Small Business Administration (SBA) released new guidance regarding the Paycheck Protection Program (PPP), Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Increases. This is a new interim final rule allowing for an increase in the amount of loan for which partnerships and seasonal employers are eligible.   Let’s back […]

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May 14, 2020

SBA releases PPP FAQ #47 Extending Deadline to May 18, 2020

On May 14, the Small Business Administration (SBA) added FAQ #47, where the SBA is extending the repayment date to May 18, 2020 for safe harbor consideration. SBA guidance and regulations provide that any borrower who applied for a PPP loan prior to April 24, 2020 and repays the loan in full will be deemed […]

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May 14, 2020

New SBA Guidance Regarding Paycheck Protection Program

On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). Specifically, FAQ #46 addresses the following question: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?”   One of the requirements when submitting a PPP loan application is a self-certification by the […]

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May 02, 2020

IRS Releases Notice Regarding Tax Deductions and PPP Loan Funds

On Thursday, April 30, the IRS released Notice 2020-32. The announcement effectively disallows a tax deduction for any expenses that are paid via a forgiven Paycheck Protection Program (PPP) loan. The PPP was created by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a historic $2.2 trillion stimulus package. The loan program allows small […]

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May 02, 2020

St. Louis County Offering $15,000 Grants to Small Businesses

St. Louis County Executive Sam Page unveiled the Small Business Relief (“SBR”) Program on Friday May 1st.  The SBR will provide grants of up to $15,000 to businesses that were closed due to the Stay at Home Order.  The funding comes from the $173.5 million in federal aid the County expects to receive with regard […]

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Apr 30, 2020

Recent Updates to the SBA FAQs on the Paycheck Protection Program

The SBA continues to add questions to its Payroll Protection Program FAQ first published on April 3, 2020. On April 23, 2020, the SBA added FAQ 31 referring to large companies who may have adequate sources of liquidity to support the business’s ongoing operations and whether or not they qualify for a PPP loan. Although […]

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Apr 24, 2020

President Enacts $484 Billion Virus Aid Bill

On Friday, April 24, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act into law. The new aid bill boosting funding for various initiatives in response to the coronavirus pandemic was passed in the Senate on Tuesday and by the House on Thursday. The legislation includes the following: Approximately $310 billion or […]

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Apr 02, 2020

CARES Act FAQ: Paycheck Protection Program

  On March 27th, President Trump enacted the Coronavirus Aid, Relief, and Economics Security (CARES) Act. The historic $2.2 trillion stimulus bill includes a $349 billion paycheck protection program (PPP) that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The PPP uses the already-existing small-business loan framework of the Small […]

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Mar 31, 2020

CARES Act Summary Coronavirus Relief: Phase Three

On March 27, 2020, President Donald J. Trump signed into law a sweeping $2.2 trillion stimulus package designed to abate the economic damage caused by the coronavirus (COVID-19) pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act is the third piece of legislation crafted to address the economic havoc created by COVID-19. The bill […]

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