On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This bill is pending approval of the President. Upon approval, this new legislation would make key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and would revise how loan recipients would be required to allocate the money....
The Small Business Administration (SBA) released two new interim final rules on Friday May 22nd. The first comes on the heels of the PPP Loan Forgiveness Application released one week prior and provides some additional guidance regarding PPP loan forgiveness (click here to read). The second outlines the procedures the SBA will use to review...
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...
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...
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...
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...
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...
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...
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...
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...