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Update to Final Interim Rule PPP – More changes expected

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

By |2025-01-12T17:21:50+00:00May 26th, 2020|Categories: Business|Tags: , , , , |
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Everything about PPP loan forgiveness – Presentation SBDC NJCU

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

By |2025-01-07T12:30:59+00:00May 12th, 2020|Categories: Business|Tags: , , , , |
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Second Relief Package – More Funding for PPP

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

By |2025-01-12T08:02:56+00:00April 26th, 2020|Categories: Business|Tags: , , , |
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NJEDA Announces Application for Loan Program for Small Businesses (Launch Date April 13, 2020)

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,

By |2025-01-10T07:10:54+00:00April 9th, 2020|Categories: Business|Tags: , , , , |
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PAYCHECK PROTECTION PROGRAM (PPP) – Form, Information Sheet, Payroll Schedule and other relevant info

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

By |2025-01-11T10:20:45+00:00April 3rd, 2020|Categories: Business|Tags: , , |
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NJ Applications for emergency assistance grants open April 3, 2020 and close April 10, 2020

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

By |2025-01-10T06:23:29+00:00April 2nd, 2020|Categories: Business|Tags: , , |
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PAYCHECK PROTECTION PROGRAM (PPP) – Contact your bank or financial institution

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

By |2025-01-11T10:19:34+00:00March 30th, 2020|Categories: Business|Tags: , , , |
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New Jersey programs available to business owners

The Senate advanced a bill, A-3845/S-2284, that allows the Economic Development Authority to issue grants to help businesses remain afloat and make payroll while operation is interrupted. The bill also authorizes the authority to extend requirements within the state's troubled business tax incentive programs to file proof of investment and employment requirements during a state

By |2025-01-10T05:53:08+00:00March 30th, 2020|Categories: Business|Tags: , , , |
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Stimulus Packages (CARE Act) available to Small Businesses

On March 27, the President signed into law the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), which is aimed at providing financial relief for the economic downturn caused by the Coronavirus pandemic. This summary includes some of the more pertinent issues to small businesses. Paycheck protection program (business loans / grants) To determine

By |2021-01-05T11:56:57+00:00March 30th, 2020|Categories: Business|Tags: , , |
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New York City programs available to business owners

NYC Employee Retention Grant Program The City is offering small businesses with fewer than 5 employees a grant to cover 40% of payroll costs for two months to help retain employees. NYC Small Business Continuity Loan Fund Businesses with fewer than 100 employees who have seen sales decreases of 25% or more will be eligible

By |2025-01-10T06:08:38+00:00March 28th, 2020|Categories: Business|Tags: |
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