
PPP Loan Program Gets Extension
Congress approved the PPP Extension Act of 2021, which extends the Payroll Protection Program (PPP). It was scheduled to expire on March 31, but the application deadline is now May 31.
Congress approved the PPP Extension Act of 2021, which extends the Payroll Protection Program (PPP). It was scheduled to expire on March 31, but the application deadline is now May 31.
Many Arizona businesses received SBA Paycheck Protection Program (PPP) loans. Our SBA Paycheck Protection Program (PPP) task force helps businesses and nonprofits navigate the forgiveness process. They are familiar with the PPP Loan Forgiveness Application, which is complex and complicated, and can answer your questions.
The new round of Paycheck Protection Program (PPP2) loans is available to both new and second-time borrowers. Who gets the money and what are the rules?
On January 6, 2021, the IRS and Treasury Department issued guidance allowing deductions for the payments of eligible expenses when such payments would result, or be expected to result, in the forgiveness of a covered loan under the Paycheck Protection Program (PPP).
The SBA issued a new form making it easier for smaller borrowers to qualify for loan forgiveness and clarified due dates. Is your company eligible for the simplified paperwork?
As more banks start accepting forgiveness applications, PPP borrowers need to know what to do to obtain maximum forgiveness, including required documentation for forgiveness application forms.
President Trump extended acceptance of Paycheck Protection Program (PPP) loan applications until August 8, 2020, a five-week extension.
The SBA and Treasury agreed with U.S. Senate Small Business Committee bipartisan leadership to make public additional data regarding the Paycheck Protection Program (PPP).
With the enactment of the Paycheck Protection Program Flexibility Act, more than $129 billion in PPP funds are still available.
Join Stephen J. Rodis, CPA and Mark R. Dreher, CPA in an ASCPA live online webcast on June 20, 2020, about current PPP tax issues and status of forgiveness portion of the PPP loan program, including financial reporting options.
The PPP Flexibility Act offers partial loan forgiveness when a borrower uses less than 60% of the loan for payroll costs during the forgiveness covered period.
President Trump signed the Paycheck Protection Program Flexibility Act of 2020 modifying certain provisions related to PPP loan forgiveness. One important modification allows recipients of loan forgiveness to defer payroll taxes.
The SBA issued PPP loan guidance that businesses can exclude laid-off employees from loan forgiveness reduction calculations if employees reject a written offer to be rehired.
On May 15, 2020, the SBA published its PPP Loan Forgiveness Application, with instructions, providing some clarity about allowing borrowers to use their regular payroll schedule. Borrowers were concerned about matching their payroll cycle to the testing or covered period in the forgiveness formula.
The Trump Administration extended the deadline for companies to repay PPP loans from May 7, 2020 to May 14, 2020. The decision comes after many groups and organizations requested the administration provide additional time for companies to determine if they would return the funds.
The IRS and SBA issued guidance clarifying certain rules about PPP. Whether you have a loan already or preparing to apply, you should be aware of tax responsibilities and disbursement rules.
Many Arizona small businesses received Paycheck Protection Program (PPP) funding to maintain payroll levels from loss of revenue. The Small Business Administration (SBA) released an Interim Final Rule addressing eligibility issues and requirements for certain pledges. The CARES Act requires the SBA to issue additional guidance on rules for loan forgiveness by April 27, 2020.
Governor Ducey issued an Executive Order temporarily suspending commercial tenant evictions, including lock out, notice to vacate, or any other attempt to inhibit the operations of a business associated with inability to pay rent caused by COVID-19. The Executive Order expires on May 31, 2020.
According to Eric Stevenson, President, Nationwide Retirement Plans, advisors to retirement plans will play a critical role, stating “This is the time they have to be more visible than they have ever been,” said Stevenson. “They have to be in constant communication with plan sponsors, even if from a distance.”
Business owners should consider the Paycheck Protection Program (PPP) to assist them through this critical time. We highly recommend they contact their lending institution to start the lending process and begin gathering information that may be required for their application.