SBA Archives - Wiss & Company, LLP

SBA Increases Max EIDL Loan to $2 Million

Written on September 14, 2021. Posted in General Business.

By Travis Miskowitz, Director, CFO Advisory The U.S. Small Business Administration announced major changes to its signature Economic Injury Disaster Loan (EIDL) program on September 8, 2021. This includes an increase to the maximum loan amount from $500,000 to $2 million and additional permitted uses of the loan proceeds including business debt payments among other enhancements. The program updates are a welcome change as the administration continues to focus on supporting...

Biden Administration Targeting PPP Aid to Smallest Businesses – 2 Week Delay Starting Wednesday Morning

Written on February 23, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory Early Monday morning, the Biden Administration announced it is instituting a 2-week period targeting Paycheck Protection Program (PPP) loans to small businesses only. The temporary freeze goes into effect Wednesday morning beginning at 9:00 am, and only small businesses with 20 or fewer employees will be eligible to apply for a PPP loan for the next 2 weeks. The move by the current Administration is an effort to provide much-needed funding...

SBA to Speed Up PPP Approval Process

Written on February 11, 2021. Posted in Financial Planning, General Business, PPP, Small Business.

By Travis Miskowitz, Manager, CFO Advisory In response to concerns from the small business community regarding delays and processing issues with the latest round of PPP funding, the SBA released a procedural notice on 2/10 implementing changes to speed up the loan approval process. As many as 30% of all PPP loan applications have been delayed due to Hold or Error codes as a result of stepped-up front-end compliance and verification checks. Late last week, we covered the issues causing...

PPP Processing Delays – More Communication Required from SBA

Written on February 5, 2021. Posted in Financial Planning, General Business, PPP, State & Local Tax Services, Tax, Tax Alerts.

By Travis Miskowitz, Manager CFO Advisory When the Small Business Administration rolled out the Paycheck Protection Program in 2020, there was an immediate need to stem the losses and financial difficulties that small business owners were facing due to the pandemic and government-mandated shutdown orders. The early days of PPP were fraught with processing issues, incomplete or inconsistent guidance, and a lack of reliable resources for small business owners to reference when applying...

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

Written on January 8, 2021. Posted in PPP, State & Local Tax Services, Tax.

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...

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

Written on May 26, 2020. Posted in Financial Planning, General Business.

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...

SBA Clarifies Safe Harbor Status for Loans Under $2 Million

Written on May 14, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz On 5/13/2020, the SBA issued FAQ 46 which grants Safe Harbor status to all loans under $2MM. Small businesses received a welcome update today via SBA FAQ 46 which states that businesses, including their affiliates, that accepted Paycheck Protection Program loans of $2 million or less, will be assumed to have performed the required certification in good faith. The PPP application requires small business owners to certify in good faith that “current economic uncertainty...

Do You Need to Return Your PPP Loan? SBA Clarifies Eligibility Guidance Through FAQ Update

Written on May 1, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz Update: As of Wednesday, May 6, the safe-harbor deadline for returning PPP funds has been extended to May 14. Complete the application, provide supporting documentation, and you should be well on your way to a forgivable loan. All the better since you must spend the money on payroll costs in order to receive forgiveness. It is called Paycheck Protection after all, right? Not so fast according to recent updates published by the SBA. The SBA has recently issued...

SBA Curtails Acceptance of EIDL Applications

Written on April 16, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz The SBA just announced they are unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Due to incredibly high demand, the SBA had recently amended some key benefits of the EIDL Loan program. With millions...

Documenting Expenses to Support PPP Loan Forgiveness

Written on April 7, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz The Paycheck Protection Program allows loans of up to $10 million at 1% interest to employers with fewer than 500 workers. The purpose of the program is for employers to retain their employees; the loan amount is intended to cover two months of payroll and overhead. The government will forgive most or all of the loan if the company keeps its workers and does not cut wages. The maximum amount of the PPP loan that is eligible for forgiveness is equal to the amount...

Tag: SBA