NEWS & INSIGHTS

Paycheck Protection Program (PPP) Flexibility Act of 2020

Paycheck Protection Program (PPP) Flexibility Act of 2020

The Paycheck Protection Program (PPP) Flexibility Act of 2020 has been signed into law. Details of the act are in the article below, by Andy Medici of the Washington Business Journal.  The original article can be found here....

COVID-19 Relief for Estate and Gift Q&A from the I.R.S.

COVID-19 Relief for Estate and Gift Q&A from the I.R.S.

On April 23, 2020 the I.R.S. posted information on issues raised by the COVID-19 relief time extension granted to taxpayers to fulfill their estate, gift and generation-skipping tax obligations.  Below is are the questions and answers provided by the I.R.S..  The...

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Details

On Friday, May 15, 2020, the U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. 

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

UPDATE:  SBA Loan Eligibility FAQs

UPDATE: SBA Loan Eligibility FAQs

Certain government programs, including SBA loan programs, are reserved for “small businesses.” In order to qualify for those programs, a business must satisfy both the SBA’s definition of a “small business concern” as well as the size standards for a small business.