White House announces PPP changes

The Biden-Harris administration announced several reforms to further target the Paycheck Protection Program (PPP)  to the smallest businesses and those that have been left behind in previous relief efforts. The following are specific changes: 1.   Create 14-day period, starting Wednesday,…

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Simplified PPP Loan Forgiveness Application

The US Small Business Administration (SBA) and Treasury have published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less – Form 3508S. Before the…

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PPP Round 2

Reopening of PPP Loan Program The SBA and Treasury announced that the new PPP will re-open the week of Jan. 11 with community financial institutions exclusively allowed to make first-draw PPP loans on starting Jan. 11 and second-draw PPP loans…

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Important PPP Changes and Guidance

IMPORTANT NOTE: On January 6, 2021 the SBA issued approximately 120 pages of new regulations regarding PPP loans.  We have updated the below article on PPP Changes with significant new details, including:New methods to calculate a 25% reduction in…

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Unemployment fraud increasing exponentially

The U.S. Department of Labor’s Inspector General estimated $26 billion in unemployment benefits could end up being pocketed by fraudsters.  NortonLifeLock, which has 4.5 million customers, has seen  a 6,140% spike in the number of unemployment insurance fraud claims from…

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COVID-19 Relief Bill Addresses Key PPP Issues

The U.S. Senate and House of Representatives overwhelmingly passed a $900 billion COVID-19 relief bill Monday night that provides $600 stimulus payments to individuals, adds $300 to extended weekly unemployment benefits, and provides more than $300 billion in aid for…

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Necessity questionnaire for PPP loans over $2 million

A questionnaire asking borrowers to justify their $2 million-plus Paycheck Protection Program loans is confusing and burdensome, says the AICPA. The U.S. Small Business Administration and the Treasury Department want to know more about businesses that borrowed $2 million or…

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SBA clarifies deferral period for PPP payments

The US Small Business Administration released guidance Wednesday clarifying that lenders must recognize the previously established extended deferral period for payments on the principal, interest, and fees on all Paycheck Protection Program (PPP) loans, even if the executed promissory note…

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Ready to file for PPP Forgiveness?

There is no question that PPP loan borrowers who wish to apply for forgiveness and release the burden of their PPP loan are eager to move forward.  Uncertainty, however, remains. Although there is much talk about automatic forgiveness for PPP…

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Last round of ITINs will expire in 2020

More than 1 million Individual Taxpayer Identification Numbers are set to expire at the end of 2020 as the Internal Revenue Service completes the expiration of ITINs assigned prior to 2013. The IRS continues to urge affected taxpayers to submit…

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Handling Your Investments During the Pandemic

COVID-19 has created worldwide economic upheaval and many concerns for all of us. One question I hear frequently is how to adjust your investment strategy when there’s an unusual event such as a pandemic. Here are some tips for navigating…

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