by Dawn Anderson | Published On May 18, 2020 | Blog, CCOVID-19, Small Business
On Friday, May 15, 2020, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application, along with detailed instructions on how to complete the form. The much...
by Dawn Anderson | Published On May 14, 2020 | Blog, CCOVID-19, Small Business
As the May 14th safe harbor deadline looms, the SBA, in consultation with the Department of the Treasury, issued an update to the Paycheck Protection Program FAQs, providing clarity on how the SBA will review borrowers’ required good-faith certificate concerning the...
by Dawn Anderson | Published On May 12, 2020 | Blog, CCOVID-19, Small Business
Since being issued in April, FAQs regarding the Paycheck Protection Program (PPP) have been updated by the Small Business Administration (SBA), in consultation with the Department of the Treasury, as additional clarification has become available. The responses are the...
by Dawn Anderson | Published On May 1, 2020 | Blog, CCOVID-19, Small Business
On April 30, 2020, the IRS issued Notice 2020-32 confirming that no federal income tax deduction is allowed for an otherwise deductible expense if the payment has been forgiven under a PPP loan. The CARES Act allocated funds to the PPP, allowing small businesses to...
by Dawn Anderson | Published On Apr 7, 2020 | Blog, CCOVID-19, Small Business
On April 6, 2020, the U.S. Small Business Administration (SBA) issued FAQs to provide additional clarification for borrowers and lenders on the Paycheck Protection Program (PPP). The SBA states that borrowers and lenders can rely on its interpretation of the CARES Act...
by Dawn Anderson | Published On Mar 31, 2020 | Blog, CCOVID-19, Small Business
In a press release dated March 31, 2020, the Small Business Administration (SBA) Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that the SBA and Treasury Department have “initiated a robust mobilization effort of banks and other...
