SBA Releases PPP Loan Forgiveness Application – Key Takeaways
The SBA has released the much-anticipated form for businesses to apply for PPP Loan Forgiveness. The 11-page application goes a long way to resolve many of the questions and concerns businesses had anxiously wondered about loan forgiveness.
Less than $2 Million Borrowed? Yes, You Meet the Good-Faith Certification Test
Many business owners were nervous about taking the PPP loan because it was unclear if you could demonstrate the need for a loan if you had reserves to get through the crisis without it. The SBA has now made it clear that if you received less than $2 million, it is automatically deemed that you […]
Loan Forgiveness under PPP Loan Provisions
Well, you probably saw this coming… Turns out … if you received a PPP loan, the expenses you pay from the proceeds of this (forgivable) loan … are not deductible. Ouch. The IRS just released new guidance to this end (which is being protested by the AICPA and other accounting associations). This provision reduces the value of the […]
Understanding the Paycheck Protection Provision Loan Program
Yes, the CARES Act for the Paycheck Protection Provision loan program (PPP) was passed last Friday. It’s 800 pages and the banks are still feeling their way around to determine how to process these new loans. The complete guidelines have not been developed yet. We recommend starting your application with the bank you already have […]