PPP loan forgiveness update

74% of Total PPP Loan Dollar Amount has Applied for Forgiveness Since the Paycheck Protection Program’s starting date on April 3rd, 2020, the SBA has aided millions of small businesses affected by the COVID-19 pandemic and provided nearly $800 billion to USA’s Main...

SBA streamlines forgiveness for smaller PPP loans

The Small Business Administration (SBA) has released new guidance intended to expedite the forgiveness process for certain borrowers under the Paycheck Protection Program (PPP). The simplified process generally is available for loans of $150,000 or less, which the SBA...

PPP first-draw forgiveness & repayment

The end of the principal and interest payment deferral period is rapidly approaching for many businesses that received first-draw loans under the Paycheck Protection Program (PPP1). To avoid having to make payments, if you have not filed for your PPP1 forgiveness,...

New stimulus business and nonprofit benefits

President Biden has signed into law The American Rescue Plan Act 2021 (ARPA), which includes $1.9 trillion in funding for individuals, businesses, and state and local governments. The latest stimulus package contains benefits for businesses and nonprofits. It...

PPP

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Will your PPP Loan be automatically forgiven?

To date, the Paycheck Protection Program (PPP) has provided over 5 million loans, totaling nearly $520 billion. More than $130 billion remains for new applicants. Now, however, the...

AICPA gives 5 good reasons not to rush your PPP forgiveness application

Borrowers who received Paycheck Protection Program (PPP) loans under the Coronavirus Aid, Relief, and Economic Security (CARES) Act are asking their CPAs if and how they will qualify for...

PPP and EIDL Programs Extended

The Paycheck Protection Program application deadline has officially been extended to August 8th. Under the program, the SBA had approved almost 4.9 million loans, totaling $520.6 billion....

PPP Updates and Loan Forgiveness Calculator

New PPP rules, applications and guidance are almost a daily occurrence and last week was no exception. The June 22 Interim Final Rule officially updates the language of the Final Rules to...

New Borrower-Friendly PPP Loan Forgiveness Applications and Guidance

The U.S. Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and instructions and also unveiled a new EZ application for...

Good News for PPP Borrowers – The Paycheck Protection Flexibility Act

UPDATED: In response to the Paycheck Protection Flexibility Act, the Small Business Administration amended its rules governing the Paycheck Protection Program (PPP) to allow small...

PPP Loan Forgiveness Just Became Easier

Late June 3, 2020, U.S. Senate passed the House version of Paycheck Protection Flexibility Act (PPFA), which makes significant changes to loan forgiveness rules. Among the key provisions...

New PPP Loan Forgiveness Guidance and Possible Congressional Changes

Treasury and the U.S. Small Business Administration (SBA) released new Paycheck Protection Program (PPP) guidance Friday night, May 22nd, that provides some clarity on several loan...

SBA Releases PPP Loan Forgiveness Application & Instructions

The SBA and the Treasury Department have released the eagerly awaited Paycheck Protection Program (PPP) loan forgiveness application and detailed instructions. The SBA explained that the...

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