What’s Going on with the Paycheck Protection Program While the PPP was implemented quickly as a result of the CARES Act—the U.S. Small Business Administration (SBA) and Treasury launched the program in only a week—there have been a series of interim final rules and frequently asked questions (FAQs) with guidance that often has raised more…
Employee Payroll Tax Deferral Update On August 8, 2020, President Trump signed an executive order allowing employers to defer the withholding and payment of the employee share of Social Security taxes from September 1 through December 31, 2020. As the executive order left many unanswered questions, the IRS later released a notice on August 28,…
Three COVID Related Tax Updates Currently, we are waiting for additional guidance on the Payroll Tax Deferral Program, Unemployment Insurance Benefits, and the PPP Loan Forgiveness Application. The way the payroll tax order was written, it only applies to the employee’s SSA portion of the FICA taxes, but additional definition is pending on several of these tax and…
Paycheck Protection Program Flexibility Act Updates Yesterday, the U.S. Small Business Administration posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new EZ version of the forgiveness application, which requires fewer calculations and…
Paycheck Protection Program Flexibility Act The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation Wednesday night, tripling the time allotted for small businesses and other PPP loan recipients to spend the funds and still qualify for forgiveness of the loans. A summary of the provisions are as follows: PPP borrowers can…
PPP Loan Forgiveness Application Last week, the Small Business Administration (SBA) released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. While the application is in final form, we should expect to see further narrative guidance from SBA over the next several weeks. The form and instructions inform borrowers how…
SBA Issues Guidance on the Paycheck Protection Program On Wednesday, the Small Business Administration (SBA) published guidance regarding its intended approach to review borrower certifications that a Paycheck Protection Program (PPP) loan was necessary to support ongoing operations. When submitting a PPP application, all borrowers must certify in good faith that “current economic uncertainty makes…
Interim Stimulus Plan to Provide Additional CARES Act Funding Additional $310 Billion for the PPP Due to an extremely high demand for funds, the PPP has been replenished with an additional $310B in funding. In this round of funding, they have designated $30B for mid-sized banks/credit unions and $30B for smaller lending institutions. PPP loans…
Check on the status of your Economic Impact Payment This application will give you information about: Your payment status Your payment type Whether we need more information from you, including bank account information Track Your IRS Economic Impact Payment Get more information about Economic Impact Payments Visit the IRS Economic Impact Payments Information Center to…
The Paycheck Protection Program (PPP) is Happening Now Small Business Approved (SBA) lending financial institutions are taking applications and issuing Loan Authorization Numbers. These funds are available for qualified businesses with 499 or fewer employees. Here is a High-level Overview of the PPP Relief Benefits Some points are summarized below. There are qualifications for the…