Borrowers who received a Paycheck Protection Program (PPP) loan can apply for loan forgiveness before their covered period expires, according to new guidance released by the Small Business Administration (SBA) this week. Previous guidance gave new PPP borrowers 24 weeks to use their PPP loans and gave borrowers with... Read more
The coronavirus pandemic has introduced uncertainty into every facet of our lives. We are concerned about the health and safety of our families and friends, and many of us are grappling with significant business issues such as cancelled orders, slow collections of accounts receivable, layoffs, supply chain interruptions and... Read more
This week, the Small Business Administration (SBA) released a revised Paycheck Protection Program (PPP) loan forgiveness application and a new EZ application for PPP loan forgiveness along with instructions for the revised and EZ forms. The applications include changes that became law in early June when the Paycheck Protection... Read more
NOTE: In early June, new legislation was enacted that extends the time period during which PPP loans may be used and the percentage of the loan that must be used for payroll. We continue to promote the following recommendations, in general, and encourage you to also refer to more... Read more
The new Paycheck Protection Program (PPP) Flexibility Act, passed by the House of Representatives and the Senate, now is on its way to the President’s desk for his signature. The new PPP Flexibility Act amends the PPP as follows: Companies now may apply for PPP loans through December 31st... Read more
Now that you have your Paycheck Protection Program Loan, you have a new set of challenges to consider: Should I use the Covered Payroll Period, which begins on the eight-week (56 days) of the day that the loan was disbursed or the Alternative Covered Period, which begins on the... Read more
