Last night, the Senate approved the changes to the PPP. These changes include: PPP period extension to 24 weeks PPP forgiveness for payroll over 60% PPP loan repayment extension from 2 years to 5 years These are positive changes that will benefit small business owners. Link - https://www.journalofaccountancy.com/news/2020/jun/ppp-loan-forgiveness-changes-coming.html
After the IRS released the Notice 2020-32 (link below) indicating that the PPP funds used to cover business expenses were non deductible, the legislators like Sen. Charles Grassley (R-IA), the chair of the Senate Finance Committee, and Rep. Richard Neal (D-Mass.), the chair of the House Ways and Means Committee, have expressed that the IRS interpretation
There will be major changes in the horizon for the PPP as the House of Representatives passed a bill yesterday that included: PPP period extension to 24 weeks Payroll requirement for forgiveness moved to 60% Extending the program up to Dec 31, 2020 Extending the PPP loan from 2 years to 5 years Note that
On May 22, 2020, the SBA released an update on the Final Interim rule with additional changes, with some limitations on the owner compensation to around $15,400 or 8/52 of the 2019 compensation as well as changes to other items. SBA final Interim - https://www.sba.gov/sites/default/files/2020-05/IFR%20Forgivenss%20FINAL.pdf Forbes article - https://www.forbes.com/sites/alangassman/2020/05/23/may-22-ppp-final-interim-rules-provide-further-guidance-and-some-surprises/#7c60df343f12 Note that this week, there might be a
On Monday 5/11/2020, Victor Garrido, CPA, EA, had a presentation about PPP forgiveness with Christian Pichardo, NJSBDCA Marketing Director and Ryan Silvestre, NJSBDC Business Consultant thanks to SBDC and NJCU. You can find the presentation and draft Excel PPP forgiveness calculation so you can learn about this topic and maximize the PPP forgiveness. Also, you
Late April 23, Congress passed a second coronavirus relief package; this $484 billion package includes $310 billion to replenish the Paycheck Protection Program (PPP). You can refer to the initial post in our website for information about the PPP - https://ggcpaservices.com/blog/paycheck-protection-program-ppp-form-information-sheet-payroll-schedule-and-other-relevant-info/ Note that the Guidance on PPP is constantly updated in the SBA site - Lender
The New Jersey Economic Development Authority (NJEDA) will launch the application for its Small Business Emergency Assistance Loan Program on Monday, April 13, 2020 at 9:00 am. A link to the program application will be posted on the State’s COVID-19 Business Information Hub. To provide business owners the opportunity to prepare to apply for the loan,
The Paycheck Protection Program (PPP) is supposed to be rolling out today, even if financial institution are currently asking for additional guidance. Information sheet - PPP Borrower Information Fact Sheet PPP Form - PPP Borrower Application Form updated Payroll Schedule - Payroll Schedule Note that the financial institutions are asking to prepare the following information based on the
Your organization is eligible for the Small Business Emergency Assistance Loan Grant if you… Have between 1 and 10 FTEs. This means companies non-employee companies (holding), companies that have between 1-10 FTE utilizing 1099 employees, and larger firms are not eligible for this round of grant funding. Have a physical commercial location in the State
The PAYCHECK PROTECTION PROGRAM (PPP) is one of the most relevant Stimulus Packages and you will have to discuss with your bank/financial institution as they are administering this SBA program. This program would be retroactive to February 15, 2020, in order to help bring workers who may have already been laid off back onto payrolls. Loans
