By Nicole DeRosa, CPA, MAcc, Senior Tax Manager Congressional leaders are close to finalizing the next round of stimulus, referred to as the Emergency Coronavirus Relief Act of 2020 providing for $900 billion in government funds aimed at supporting small businesses and the ailing economy. The coronavirus relief bill is expected to pass with bi-partisan […]
After many months of waiting and speculation, on Monday October 26th, 2020 the Small Business Administration issued a notice stating the intended release of two new forms available here relating to FAQ – questions #31, which describes each borrowers good faith certifications that current economic conditions made the PPP loan necessary to support ongoing business […]
By Paul Peterson, Managing Partner The plight of America’s small businesses has been laid bare in 2020. Covid-19 has revealed how challenging business is for those that account for nearly half U.S. jobs. In our inaugural survey of Small Businesses, conducted in conjunction with Sapio Research, we took the temperature of hundreds of founders and […]
Small business owners and executives impacted by Covid-19 have made budget cuts, applied for loans and have even tapped into their personal savings to survive. Nearly half of small businesses surveyed have cut spending because of Covid-19. 60% applied for a PPP loan and of the total respondents; 26% of all small businesses received a […]
At long last, the Small Business Administration (SBA) and the Department of the Treasury have released guidance addressing Paycheck Protection Program (PPP) loan forgiveness. This guidance can be relied upon as the SBA’s interpretation of Section 1106 of the Coronavirus, Aid, Relief, and Economic Security Act (CARES Act), as amended by the Paycheck Protection Program […]
Update 6/10/20 On Monday, June 8th, the Federal Reserve Board again revised the Main Street Lending Program, providing increased access to more small and medium-sized businesses. The $600 billion loan program has yet to fund a single loan, and criticism of the Fed’s latest stimulus effort in recent weeks has put pressure on the Fed […]
On Friday May 15th, the Small Business Administration released the long-awaited Paycheck Protection Program (“PPP”) loan forgiveness application. The forgiveness application includes detailed instructions for borrowers to calculate their eligible costs and determine the amount of PPP loan forgiveness. The form provides more guidance than previously available, but still not as clear as we’d hoped. […]
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 […]
By Lisa Calick I’ve been forced to furlough my employees due to a slowdown in business operations. Are they still eligible for the leave entitlements as part of the Families First Coronavirus Response Act? Unfortunately no. If you have furloughed your employees because there is not enough work for them, they are not entitled to […]
This is a developing story and information contained in this article is subject to change. We will continue to provide updates as new information becomes available. Congress has agreed upon a Bi-Partisan deal to provide an additional $484 billion in funding for small businesses, hospitals, and coronavirus testing. The Senate and House are expected to […]
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 […]
On March 27th, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (CARES) Act, a stimulus bill that includes a loan program to keep small businesses afloat during mandated COVID-19-related closures. The CARES Act includes a Paycheck Protection Program (PPP) which authorizes up to $349 billion of federally guaranteed loans to […]