SBA Archives - Wiss & Company, LLP

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...

SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

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

By Travis Miskowitz Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program...

Economic Injury Disaster Loans & Emergency Economic Injury Grants: What You Need to Know

Written on March 29, 2020. Posted in Advisory Services, Financial Planning, General Business.

By Travis Miskowitz SBA’s Economic Injury Disaster Loan THE BASICS What is the criteria for a loan approval? Credit History – applicants must have a credit history acceptable to SBA Repayment – SBA must determine that the applicant business has the ability to repay the SBA loan Eligibility – the applicant business must be physically located in a declared county and suffered working capital losses due to the declared disaster, not due to a downturn in the economy or other reasons How...

Paycheck Protection Enacted For Small Businesses

Written on March 27, 2020. Posted in Financial Planning, General Business.

By Travis Miskowitz [Updated 4/3/2020] Congress passed “The Coronavirus Aid, Relief, and Economic Security Act” (CARES Act), which included the “Paycheck Protection Program” (PPP) for small businesses. PPP applications can be obtained from participating SBA lenders beginning today. Many banks have reported that they may be requiring submissions to come from current banking clients while others have been struggling to get all the necessary steps in place. While each bank is creating...

Tag: SBA