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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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 [...]
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: [...]
By: Scott Borsack As the late nightly newscasts were running through their copy one last time before going on the air Friday evening, the SBA released more guidance to start your holiday weekend. Most of it was helpful. Here are some of the highlights: 1. Where there is both a reduction in wages and [...]
By: Scott Borsack The SBA has released its first version of the application for loan forgiveness. You can download a copy of the application from our website by clicking here. The instructions for the application have provided some additional information on the forgiveness process and interpretation of expenses eligible for forgiveness. This is just the [...]
