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SBA Loans

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.
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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.
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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.
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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):
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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.
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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.
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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.
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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:
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On-Demand Transportation Webinar: Untangling the Paycheck Protection Program (PPP) Loan Forgiveness Application

Posted 8:15 PM by
Ever since the initial release of the Paycheck Protection Program (PPP) in early April, borrowers have been frustrated by the lack of detailed guidance about the program’s parameters. Although the Small Business Administration (SBA) has shared minimal updates over the last month, authoritative guidance clarifying critical definitions and providing much-needed direction has not been available. On May 15, the SBA released the PPP loan forgiveness application, an 11-page application that sheds some light – although dim – on several outstanding items.
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SBA Releases PPP Forgiveness Application; Sheds Dim Light on Looming Questions

Posted 5:00 PM by
The lack of guidance related to Paycheck Protection Program (PPP) loan forgiveness has been the genesis of exacerbated frustration in the tax and business communities over the last several weeks. While the Small Business Administration (SBA) has still not released authoritative guidance clarifying critical definitions and providing much-needed direction, it did release the PPP loan forgiveness application Friday, May 15. This 11-page application sheds some light – although dim – on several outstanding items.
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