As the Small Business Administration (SBA) prepares to accept forgiveness documentation from lenders via its Paycheck Protection Program (PPP) Forgiveness Platform beginning on August 10, 2020, the SBA has issued a new round of Frequently Asked Questions (FAQs) relating to…
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Although forgiveness for Paycheck Protection Program (PPP) loans is front of mind for borrowers, experts say not to rush to apply for forgiveness. More Changes ComingFrequently Asked Questions (FAQs) expected to clarify many remaining PPP loan forgiveness related issues…
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An intensifying coronavirus pandemic has prompted Congress to look at a second round of stimulus as the recession continues to deepen. On July 27th, Senate Republicans announced the Heals Act (Health, Economic Assistance Liability Protection & Schools Act), a $1…
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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 question is how to handle forgiveness applications for such a large number…
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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 loan forgiveness. There is uncertainty over some of the program…
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Just about every business owner’s strategic plans for 2020 look far different now than they did heading into the year. The COVID-19 pandemic has changed the economy in profound ways, forcing many companies to recalibrate suddenly and severely. As your…
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Happy Tax Day! The tax filing deadline for 2019 tax returns was extended until July 15 this year, due to the COVID-19 pandemic. After your 2019 tax return has been successfully filed with the IRS, there may still be some…
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The COVID-19 crisis is affecting not only the way many businesses operate, but also how they assess productivity. How can you tell whether you’re getting enough done when so much has changed? There’s no easy, one-size-fits-all answer, but business owners…
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The CARES Act was enacted in an attempt to mitigate the economic effects of the COVID-19 pandemic. Among other things, it extends favorable tax treatment to qualified individuals who take “coronavirus-related distributions” (CRDs) from IRAs, 401(k) plans and certain other…
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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. Despite the program’s popularity, it had approximately $130 billion in unallocated funds when…
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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 include the changes enacted by the PPP Flexibility…
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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 forgiveness of certain PPP loans. The new borrower-friendly applications and instructions reflect changes to…
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