PPP Round 2 Application Deadline Extended

By |2021-03-31T09:10:27-05:00March 31st, 2021|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Late in the afternoon on March 30, 2021, after an overwhelming vote of approval by the United States Senate, President Biden signed the Paycheck Protection Program Extension Act which grants applicants an additional 60 days to May 31, 2021 to apply for a second round Paycheck Protection Program loan. This legislation [...]

PPP Update: Possible Round 2 Extension

By |2021-03-23T13:25:19-05:00March 23rd, 2021|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The second round of the Paycheck Protection Program, as created by Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act is due to close on March 31, 2021, which is next week. The United States House of Representatives last week passed a bill which would extend the application period to [...]

SBA Provides Lender Guidance On Refund of EIDL Grants

By |2021-01-12T15:27:59-05:00January 11th, 2021|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Almost on cue, the SBA released an announcement over the weekend indicating that those loans that have completed the forgiveness process where the Lender recovered the amount of an EIDL grant will be subject to further processing. The SBA is supposed to “automatically remit a reconciliation payment to the PPP lender [...]

Eligible PPP Non-Payroll Expenses Expanded

By |2020-12-22T11:15:38-05:00December 22nd, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack As the COVID relief measure makes its way through Congress (the House passed the legislation at 9:20 PM on Monday) heading to certain passage in the Senate and signature by the President, we are finding plenty to cheer about in the Paycheck Protection Program provisions of the more than 5,500 pages [...]

More PPP Relief Coming from Washington

By |2020-12-21T12:19:59-05:00December 21st, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack On December 20, 2020, leaders in the House and Senate announced that a deal had been reached on additional COVID-19 relief to individuals and businesses. We are breaking down the major changes and what they mean for your business. IRS Policy Reversed – PPP Borrowers May Claim PPP Eligible Expenses as [...]

SBA Essentially Exempts Loans of $50,000 or Less From Forgiveness Process

By |2020-10-12T10:25:14-05:00October 12th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Late last week the Small Business Administration released additional guidance under the Paycheck Protection Program affecting borrowers with loans of no more than $50,000. The SBA created another forgiveness application form (3508S) for eligible borrowers which exempts them from the potential reductions in the amount of spending eligible for forgiveness. Borrowers [...]

SBA Revises Loan Forgiveness Application

By |2020-06-19T08:21:48-05:00June 17th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The SBA released a revised application for forgiveness early this morning making changes necessitated by the PPP Flexibility Act. New guidance and a new EZ form with separate instructions were introduced as well. As for the application, some notable changes include: The application is now five (5) pages long without all of [...]

SBA Releases Guidance Following PPP Flexibility Act

By |2020-06-16T07:35:20-05:00June 11th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack In the wee hours of the morning of June 11, 2020 the SBA released interim final guidance revising the first guidance that they issued following the enactment of the CARES Act. This was the first of what likely will be several revisions to guidance that resulted from the passage of the [...]

Paycheck Protection Program Flexibility Act Headed to the President’s Desk

By |2020-06-04T08:07:42-05:00June 4th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack The Paycheck Protection Program Flexibility Act is one step away from becoming law. Without much fanfare or warning the Act was passed by voice vote In the US Senate without objection and now heads to the other end of Pennsylvania Avenue for the signature of the President. For some this will [...]

U.S. House of Representatives Passes PPP Flexibility Act

By |2020-05-29T08:29:30-05:00May 29th, 2020|Business, COVID-19, Paycheck Protection Program|

By: Scott Borsack Yesterday the US House of Representatives overwhelmingly passed HR 7010, the Paycheck Protection Program Flexibility Act of 2020 (by a vote of 417 to 1) which if approved by the Senate and signed by the President will make significant adjustments to the Paycheck Protection Program. Specifically the bill does the following: [...]

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