Tag: PPP

SBA issues surprising new PPP guidance addressing rent-related costs and owner-employee compensation 

On August 24, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) addressing the Payroll Protection Program (PPP) as it relates to the ownership percentages that trigger the applicability of the owner compensation rules and limitations on the eligibility...

U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions

The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.  As small business owners approach the loan...

PPP Application deadline extended to August 8

Business owners have another five weeks to apply for federal pandemic relief funds through the Paycheck Protection Program after President Trump approved a five-week extension.  The extension to the Payroll Protection Program (PPP), which was launched in April to keep Americans...

Michigan businesses can use MI Workshare program to bring back employees flexibly

With businesses starting to open up, Michigan is strongly encouraging businesses to consider using the MI Workshare program to start bringing employees back on a part-time basis as things ramp up.  It can be a win-win for the employer and...

PPP loan forgiveness application is released, with guidelines to help borrowers calculate qualified expenses

The Paycheck Protection Program (PPP) brought many small business owners a much-needed lifeline during the pandemic to help cover payroll and other business expenses during an 8-week period.  Now that PPP funds have been distributed, loan recipients must begin tracking qualified...

PPP guidance on loan forgiveness and laid-off employees who refuse to be rehired

The SBA added Guidance in its FAQs document (Question #40) indicating that the SBA and Treasury intend to issue an interim final rule that businesses who receive Paycheck Protection Program (PPP) loans can exclude laid-off employees from their loan forgiveness reduction calculations for...

Borrowers with PPP loans below $2 million will have “need” automatically certified  

The SBA and Treasury issued some good news today for borrowers participating in the Paycheck Protection Program (PPP) concerned about the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible applicant.”...

Certifying Economic Need for PPP Loans and Extension of Safe Harbor Repayment Date

On April 23, 2020, the SBA issued FAQ #31, cautioning PPP borrowers that they need to review the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible...

Three things business owners should do after receiving a Paycheck Protection Program (PPP) Loan

The $349 billion Paycheck Protection Program, or PPP, is expected to receive its second tranche of new funding later this week. This should mean more small businesses, many of whom already have an application in queue with their business banking...

New pandemic relief lending program for larger businesses: the Main Street New Loan facility

The Main Street Lending Program, a newly created program by the Federal Reserve, will enhance support for small and mid-sized businesses that were in good financial standing before the COVID-19 crisis by offering 4-year loans to companies employing up to...