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, 2020 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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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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