Tag: PPP
SR Client Question: What happens if a PPP loan is defaulted upon?
A Paycheck Protection Program (PPP) loan default is treated just like any other SBA loan guaranteed by the government to a lender (under the 7A program, the government secures 85% of a loan to the bank; for PPP loans, the...
PPP loans of $150,000 or less can now be forgiven directly through the SBA
Business owners who received Paycheck Protection Program (PPP) loans of $150,000 or less can now apply for forgiveness directly through the SBA, according to a new SBA announcement. The new streamlined application portal will simplify the forgiveness process for over 6.5...
PPP loan program extended two months for small businesses
President Joe Biden is expected to sign into law an extension to the Small Business Administration’s Paycheck Protection Program (PPP) approved by Congress just a week before it was slated to expire. The new deadline for applications to be submitted...
Larger Loans And Other Changes to PPP Rules For Sole Proprietors And Independent Contractors
New rules to the Paycheck Protection Program (“PPP”) were announced that raised loan limits for sole proprietors and independent contractors. In an Interim Final Rule announcement on Wednesday, March 3, 2021, the SBA issued new rules which provided a number of...
Business owners may be eligible to request an increase to already-distributed PPP1 Loan
With the recent changes to the first distribution of the Paycheck Protection Program (PPP1) rules, the following situations may allow for PPP1 recipients to be eligible for an increase to the amount they originally received: EIDL Grant Reduced PPP1 Forgiveness...
Forgiveness application for PPP loans of $150,000 or less now available
The U.S. Small Business Administration (SBA) and Treasury published updated Paycheck Protection Program (PPP) loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less: PPP Loan Forgiveness Application Form 3508S. The...
$900 COVID-19 Relief Bill offers new help for individuals and businesses
Congress approved a long-awaited and far-reaching $900 billion pandemic rescue package. The bill will include direct payments of up to $600 per adult and dependents (for those making less than $75,000 a year filing single or $150,000 married filing jointly), although there...
IRS Confirms Paycheck Protection Program (PPP) Loan Forgiveness is Taxable in 2020
A recent IRS ruling (Rev Ruling 2020-27) specifies the circumstances of when PPP-funded expenses cannot be deducted. A taxpayer that received a covered loan guaranteed under the PPP and who paid or incurred certain otherwise deductible expenses listed in section 1106(b)...
UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes
It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process. But SBA rules and legislation have significantly changed...
PPP loans under $50,000 get simplified forgiveness process with new rule
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven with a simpler loan forgiveness application and interim final rule. The new application...