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Tag: IFR

PPP Loans Become More Favorable for Small Business, Other Important Updates

By Travis Miskowitz, Director, CFO Advisory The Paycheck Protection Program (PPP) became more favorable to small business as the Small Business Administration (SBA) in cooperation with the Department of Treasury, revised the loan calculation for sole proprietors, independent contractors, and those that are self-employed increasing their chances of obtaining a higher loan amount in contrast to existing guidance. Other important updates were included in two new pieces of...

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PPP “Yeah, You Know Me” – 3rd PPP Application Window Opening Soon

By Travis Miskowitz, Manager, CFO Advisory Late Wednesday evening, the U.S Small Business Administration (SBA) in coordination with the Department of Treasury, issued guidance for the revamped Paycheck Protection Program (PPP) authorized by the Economic Aid Act of 2020. The newly released guidance includes: Interim Final Rule (IFR) “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” an 82-page consolidation of existing PPP guidance in the form of 24...

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Latest PPP Loan Forgiveness Guidance Released: Fails to Address Two Key Requirements

On Friday May 22nd, the Small Business Administration (SBA) and the Treasury Department issued two new Interim Final Rules (IFR): one covering Loan Forgiveness and the other covering Loan Review Procedures.  The loan forgiveness guidance, which builds upon the loan forgiveness application and instructions that were released May 15th, still does not make changes to provisions for the 75/25 requirement to spend PPP funds on payroll and non-payroll costs, or the 8-week (56-day) covered...

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