What if My PPP Loan Gets Audited?
Borrowers that participated in the Paycheck Protection Program (PPP) are aware there are two primary certifications that have been and will be made with respect to their PPP loan. To receive the loan, borrowers had to make a certification of need. As they apply for loan forgiveness, the certification of
Don’t Be Fooled! Tax Scams in 2020
“We don’t get fooled again!” are the lyrics and namesake of the 1970 song by Rock n’ Roll band The Who, and 50 years later, they are still words to live by in today’s chaotic environment. With all of the distractions brought on by the pandemic comes a golden
When Should I Apply for PPP Loan Forgiveness?
Get Ready, But Be Patient “When should I apply for PPP loan forgiveness?” That’s a question many anxious borrowers are asking themselves, and wondering if now is the right time, or if they’d be better off waiting. In this particular instance, the age-old saying of “hurry up and wait” may
Small Businesses May Get Second Bite at the PPP Apple
A new bill, the Prioritized Paycheck Protection Program (P4) Act, was introduced in the Senate on June 18, and if it becomes law, it will allow certain small businesses to apply for a second Paycheck Protection Program loan (PPP). The PPP – which offers loans that can amount to as
New 60% Paycheck Protection Program Threshold is not a Cliff Test
The Paycheck Protection Program (PPP) Flexibility Act was signed into law last Friday, and it reduces the amount of PPP money that must be spent on payroll costs to qualify for forgiveness from 75% to 60%. One of the concerns that remained after the passage of the PPP Flexibility
Loan forgiveness, Paycheck Protection, Payment Deferral & Eligibility Under the CARES Act
Barnes Dennig is dedicated to helping you identify opportunities, options and strategies to minimize the impact of the COVID-19 Pandemic. Visit our COVID-19 Advisory Services Page here to learn more. The Coronavirus, Aid, Relief, and Economic Security (CARES) Act passed in the Senate in the evening of March 25, 2020.