PPP Round 2 will open the week of January 11th
The SBA has announced that the next round of the Paycheck Protection Program (PPP) will open January 11th. The options available are: “Second Draw” Loans for businesses who have experienced a 25% decline in gross receipts, “Top-up” for original PPP loans where... Read More →
More answers on PPP loan forgiveness
The SBA published a new set of Frequently Asked Questions yesterday regarding PPP loan forgiveness: A borrower has 10 months from the end of the Covered Period (8 or 24 weeks) to submit their loan forgiveness application, and they are... Read More →
Good Changes to the PPP loan forgiveness for Sole Proprietors (no Employees)
On June 17th, the Paycheck Protection Program (PPP) Flexibility Act of 2020 was enacted which made major changes to the provisions for PPP loan forgiveness and the SBA released revised forgiveness applications.Over the next week we will publish articles outlining the changes... Read More →
Rule Change for the PPP!
In the tradition of having a major tax law change every few days during 2020, Congress has now passed the PPP Flexibility Act and the President is expected to sign it. The key features of the bill: Extending the loan... Read More →
Updated guidance on PPP loan amounts
PPP loan calculations for self-employed individuals and partnerships The SBA has finally issued guidelines on calculating monthly payroll costs for Paycheck Protection Program loans for all entities, including self-employed taxpayers and partnerships. Self-employed individuals Self-employed individuals with no employees determine their... Read More →
Mo Money, Mo Money – 2nd Round of PPP funding may be coming soon
The Senate has passed the Paycheck Protection Program and Health Care Enhancement Act, which will add an additional $320 billion to the Paycheck Protection Program (PPP). This is in addition to the $349 billion that was previously authorized under the... Read More →
How does the Paycheck Protection Program work?
The Paycheck Protection Program is a loan program administered by the Small Business Administration (SBA). Since this is not a TAX benefit, we are not experts in it and cannot provide advice. BUT, we have been getting a lot of... Read More →