PPP Re-Opening Date and New Guidance from SBA & Treasury
The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial institutions will be able to make
COVID-19 Relief Bill Passed – Here Are the Benefit Details
On December 15, 2020, Congress introduced two bipartisan COVID-19 relief bills: the COVID-19 Emergency Relief Act of 2020 ($748 billion) and the State and Local Support and Small Business Protection Act of 2020 ($160 billion), that contain payroll-related provisions. Additional benefits to small businesses are included in the COVID-related Tax
Stand By for PPP Tax Deductibility, PPP Loans 2.0, and Small-Business Aid Vote
The U.S. Congress is scheduled to vote this morning on a $900 billion stimulus package to provide immediate aid to individuals and small businesses continuing to be impacted by the coronavirus pandemic. President Trump is expected to sign the bill today. The looming question on whether or not expenses paid
Two COVID-19 Relief Bills: Key Provisions Summarized
On December 15, 2020, Congress introduced two bipartisan COVID-19 relief bills, the COVID-19 Emergency Relief Act of 2020 ($748 billion) and the State and Local Support and Small Business Protection Act of 2020 ($160 billion), that contain payroll-related provisions. Congress included additional benefits to small businesses compared to the first
PPP Loan Statement of Need – Loans Over $2 Million
The Small Business Administration (SBA) has begun sending Paycheck Protection Program (PPP) Loan Statement of Need Questionnaires to review the good-faith certification of economic need that borrowers made on PPP loan applications over $2 million. Form 3509 is for for-profit businesses, while Form 3510 applies to non-profit entities. The PPP