On August 4 and August 11, the SBA posted additional FAQs regarding PPP forgiveness matters. There are a lot of information and some examples included in these FAQs. Below, I attempted to extract the topics that have been the most debated/questioned. This “summary” is far lengthier than I prefer – but is organized for you… Read more »
This seems to be the mantra that we have been preaching for months – and “wait for it” remains the best advice we can give today. The process-in brief The Paycheck Protection Program (PPP) loan forgiveness process requires borrowers to submit applications for forgiveness to the bank (or other lending institution) that funded their PPP… Read more »
The much awaited Paycheck Protection Program Loan forgiveness application revision is now available! The current application, issued June 16, 2020, incorporates the many changes and interpretations that have been issued by the Treasury and SBA since the initial May 15 version had been released, including the significant changes to the program that were adopted with… Read more »
On Wednesday, June 10, 2020, the AICPA published Technical Questions and Answers (TQA) 3200.18, Borrower Accounting for a Forgivable Loan Received Under the Small Business Administration Paycheck Protection Program providing guidance on the accounting for loan forgiveness under the Paycheck Protection Program (PPP). The TQA provides borrowers guidance in accounting for the forgiveness. Option… Read more »
Last night, on June 3, 2020, the Senate passed a bill which was passed in the House last week to provide flexibility for the Paycheck Protection Program. It is expected the President will sign the Bill.This Bill contains language which offers some additional important flexibility for the Paycheck Protection Program. The provisions included are: Extends… Read more »
For our readers who are closely following developments in PPP Loan forgiveness, we offer a brief update. Officially the most recent updates were on May 22 when two Interim Final Rules (IFRs) were released providing additional guidance to borrowers and lenders with respect to the forgiveness process. With those IFRs: We now understand more clearly… Read more »
Slowly the details of the Paycheck Protection Program (PPP) Loan program are coming into focus. The most recent clarification has come from the Internal Revenue Service in IRS Notice 2020-32. The IRS stated eligible expenses the business incurs in the 8 week “covered period” (i.e., those expenses that qualify for PPP loan forgiveness) will not… Read more »
The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for a variety of measures to aid the economy but also to protect retirees. One provision allows retirees to forgo taking RMD’s in 2020. RMD amounts are based on the value of the account at the end of the previous year divided by the life… Read more »
When the Paycheck Protection Program launched Friday, April 3, there were still many questions on how to determine the loan amount, especially surrounding the payroll calculations. As of Tuesday, April 7, more guidance came out from the U.S. Department of Treasury. 5 Points to Know When Calculating for the Paycheck Protection Program Here are some… Read more »
