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
Second Round of Coronavirus relief The second round of Coronavirus relief funding was approved last Friday, so apply as soon as possible through your preferred financial institution. As you might know, the first round of funding lasted less than two weeks and some of the banks had a relatively small allocation running out of funds in a matter
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 PUA/ PUC are applicable to independent contractors, self employed, employees that would not qualify for regular state unemployment, etc. They have to file with the State Unemployment and they will get rejected. They will need to keep the document of this rejection in other to apply to the PUA, PUC or similar program once
The Hispanic Entrepreneurship Training Program (HETP) from the Statewide Hispanic Chamber of Commerce of New Jersey (SHCCNJ) has a simple mission, to provide culturally and linguistically appropriate business education and mentorship services for free to Hispanic small business owners. Their classes are instructed by bilingual subject-matter experts with real world experience and successful track records in
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
