blog updates

Follow KSM
Search

KSM blog

Paycheck Protection Program

PPP Update: Owner Compensation, Payroll Costs, and Self-Rental Costs

Posted 2:15 PM by
The U.S. Small Business Administration (SBA) officially opened the Paycheck Protection Program (PPP) forgiveness application portal to lenders on Aug. 10, 2020. Some banks are accepting applications and borrowers are beginning to prepare loan forgiveness applications. Recent guidance provides significant clarifications regarding owner-compensation limitations, payroll costs, and self-rental costs.
link
| comments (0)

How BHPH Dealers Can Account for PPP Loans and Lease Concessions

Posted 2:10 PM by
The COVID-19 crisis has presented economic and operational challenges to many businesses, including buy-here pay-here (BHPH) dealerships. BHPH dealers have commonly sought relief through the Paycheck Protection Program (PPP) and through lease concessions from their landlords. While each has provided cash relief, they present unique accounting considerations. For example, how do operators record them in their financial statements?
link
| comments (0)

PPP Application Deadline Extended to Aug. 8

Posted 7:45 PM by
With nearly $130 billion of funding remaining in the Paycheck Protection Program (PPP), last week Congress unanimously approved an extension of the application deadline. The extension was signed into law by President Trump over the weekend and gives borrowers until Aug. 8 to apply for the loan.
link
| comments (0)

On-Demand Webinar: PPP Loan Forgiveness Updates for Manufacturers

Posted 12:45 PM by
The Paycheck Protection Program Flexibility Act of 2020 was recently signed into law, and it significantly changes the Paycheck Protection Program (PPP) loan forgiveness options. Borrowers now have more time to use funds, the time to satisfy safe harbors has been extended, and payroll requirements have been relaxed.
link
| comments (0)

Accounting Treatment for PPP Loans

Posted 3:00 PM by
The Paycheck Protection Program (PPP) authorized the Small Business Administration to guarantee loans that can be forgiven if certain conditions are satisfied. There has been plenty of uncertainty related to the intent, qualifications, and financial reporting related to PPP loans. The AICPA recently issued nonauthoritative guidance addressing how nongovernmental entities should account for PPP loans as there is no authoritative guidance for business entities related to this type of transaction in Accounting Principles Generally Accepted in the United States (GAAP):
link
| comments (0)

On-Demand Webinar: Paycheck Protection Program Flexibility Act: What You Need to Know

Posted 5:15 PM by
On June 5, the Paycheck Protection Program Flexibility Act of 2020 was signed into law. The new law significantly changes the Paycheck Protection Program (PPP) by giving borrowers more time to use funds, extending the time to satisfy safe harbors, relaxing payroll requirements, and more.
link
| comments (0)

Paycheck Protection Program Flexibility Act Eases PPP Rules

Posted 6:30 PM by
On June 5, the Paycheck Protection Program Flexibility Act of 2020 (the Act) was signed into law. The new law significantly changes the Paycheck Protection Program (PPP) by giving borrowers more time to use funds, extending the time to satisfy safe harbors, relaxing payroll requirements, and more.
link
| comments (0)

On-Demand Webinar: PPP Loan Forgiveness Update

Posted 2:45 PM by
Over Memorial Day weekend, the U.S. Small Business Administration (SBA) released interim final rules on Paycheck Protection Program (PPP) loan forgiveness and loan review procedures. While the guidance confirms some previous expectations, it also includes new clarification on wages, forgiveness reduction exceptions, and other significant issues.
link
| comments (0)

House Passes PPP Flexibility Act That Relaxes Forgiveness Requirements

Posted 8:45 PM by
The House passed the Paycheck Protection Program (PPP) Flexibility Act on May 28, 2020. The bill received an overwhelming bipartisan vote and is now headed for the Senate.
link
| comments (0)

SBA Releases Interim Final Rules on PPP Loan Forgiveness and Loan Review

Posted 7:15 PM by
Over Memorial Day weekend, the U.S. Small Business Administration (SBA) issued the interim final rule on Paycheck Protection Program (PPP) loan forgiveness. Many of the rules were consistent with our expectations after reviewing the forgiveness application, which was issued one week prior, but the guidance does provide a few of the significant confirmations and several new clarifications:
link
| comments (0)