COVID-19 Resources: Business or Municipal

Posts Tagged ‘PPP Loan’

COVID-19 Update: SBA Released FAQs Today Regarding PPP Loan Forgiveness

access_time Posted on: August 4th, 2020

The SBA just released additional guidance on Paycheck Protection Program (PPP) Loan forgiveness in the form of Frequently Asked Questions and answers. The PPP resumed accepting applications July 6, 2020, and will continue until August 8, 2020. The SBA will forgive loans if the funds are used for employee retention and eligible expenses.  FAQs about PPP Loan Forgiveness (8/4/2020) Loans used for payroll costs, rent, interest on mortgages, and utilities will be fully forgiven. (At least 60% of the forgiven loan must have been spent on payroll.) Other important details include: –    PPP loans have a 1% interest rate and payments will be… read more »

COVID-19 Updates: Guidance on PPP Issues

access_time Posted on: July 2nd, 2020

Guidance on PPP Issues The Small Business Administration (SBA) have provided guidance on PPP issues as they provide more information and answer questions. This article will cover the following topics: Calculating Maximum Loan Amount by Business TypeIFR regarding Calculation of Payroll Costs of Certain Fishing Boat OwnersIFR Additional Eligibility Revisions to First Interim Final Rule regarding Felony ConvictionsUpdated FAQ’s The Small Business Administration (SBA) have provided guidance to assist businesses in calculating payroll costs to determine the amount of a Paycheck Protection Program (PPP) loan for which they may apply. Follow the link below to learn more. Updated Loan Amount… read more »

COVID-19 Update: New Interim Final Rules and Forms

access_time Posted on: June 19th, 2020

When a government agency such as the SBA has good reason to issue a final rule before publishing a proposed rule, it issues the rule as an “interim final rule,” or “interim rule.” Interim rules becomes effective as soon as they are published. The SBA’s new Interim Final Rules (described briefly below) were created to implement the PPP Flexibility Act and offer additional guidance to both borrowers and lenders. On June 5, 2020, the PPP Flexibility Act, which amended the CARES Act (see above), was signed into law. This IFR changed key provisions in the CARES Act such as deferral of loan payments, loan maturity, and forgiveness provisions. The provisions… read more »

New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program Announced

access_time Posted on: June 18th, 2020

The U.S. Small Business Administration (SBA) and the Department of the Treasury posted a revised Paycheck Protection Program (PPP) loan forgiveness application that is more borrower-friendly.  The SBA, in addition to revising the full forgiveness application, has also published a new EZ version of the forgiveness application. Are self-employed with no employees; ORDid not reduce the wages or salaries of their employees by more than 25%, and did not reduce the hours of their employees; ORExperienced reductions in business activity due to COVID-19 health directives and did not reduce the wages or salaries of their employees by more than 25%. … read more »

COVID-19 Update: President Signs Paycheck Protection Plan Flexibility Act!

access_time Posted on: June 10th, 2020

President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) .  This bill modifies several provisions regarding the forgiveness of loans to ease usage restrictions and increase the time businesses are able to utilize PPP funds. Major provisions of the bill include:   An extended forgiveness period, which gives businesses the option to extend the covered period from the original eight weeks to twenty four weeks beginning on the date of origination of a covered loan to December 31, 2020 (twenty-four weeks). An extension of the Jun 30th safe harbor for rehiring employees. A reduced payroll spending requirement from 75% to 60%. An extended… read more »

COVID-19 Update: PPP Loan Forgiveness Application Released

access_time Posted on: May 20th, 2020

The much anticipated Paycheck Protection Program (PPP) Loan Forgiveness Application was released by the U.S. Small Business Administration with input from the U.S. Department of Treasury. The PPP was part of the CARES Act and created to support eligible small businesses with forgivable loans to keep Americans working during the COVID-19 pandemic.  Businesses can seek forgiveness at the end of an eight-week covered period that began with the disbursement of their PPP loan. To apply for forgiveness, the PPP loan borrower must complete the application and submit it to the lender that is servicing their loan.  The application includes the following… read more »