As businesses obtain approval and receive funds under the PPP program, there is seemingly no limit to the challenges and questions that follow. After making sure documentation is in place to support the financial need certification, implementing a system to track qualified expenses, and checking on the most recent update
How will SBA review good-faith certification of need for PPP Loan? Today, the SBA published more guidance on safe harbors for loan certification for borrowers who received PPP loans less than $2 million, and guidance on certifications for PPP loan borrowers in excess of $2 million. Further guidance is needed
PPP Loan forgiveness guidance promised before May 14, 2020 IRS FAQ #79 clarifies the US Treasury May 6, 2020 FAQ, providing that employers that decide to repay their PPP loan by the May 14, 2020 deadline may claim the employee retention credit after repaying the PPP loan. Employee Retention
The first quarter of 2020 saw record drops in stock values of public companies. The Dow Jones Industrial Average was down 22% for the quarter. Headlines were full of bad news related to the coronavirus pandemic, from losses to job cuts to bankruptcies. Some industries were harder hit than others.
On Thursday, April 23, 2020, the U.S. House of Representatives passed H.R.266 – Paycheck Protection Program and Health Care Enhancement Act and it has been signed by the President. The bill is designed to provide additional funding for small business loans, health care providers, and COVID-19 testing, as authorized by