In the SBA Release Number: 21-72 issued on 8/18/2021, the SBA mentioned that in the last two week the PPP Direct Borrower Forgiveness Portal accepted more than 340K submissions. This might be an excellent tool for some lenders that are not processing on time some of the PPP forgiveness applications if they signed up for
The U.S. Small Business Administration (SBA) published new guidance in mid July 2021 designed to simplify and speed up the forgiveness process for businesses and not-for-profits with Paycheck Protection Program (PPP) loans of $150,000 or less. The $150k forgiveness application is just a one page attestation with no payroll (or other) support required. The SBA
Another Interim Final Rule (IFR) was released yesterday, the PPP loans will have a special form (S form) for amounts under $50,000 that exempts from any reduction in forgiveness based on a) reduction in full time equivalent (FTE) and/or b) reduction in employee salary or wages. Keep in mind that even the short version, if
As you might be aware some banks and financial institutions are opening their PPP forgiveness application intake. Note that after the PPP period of 24 weeks, there is a 10 month period of no interest so we recommend filing the forgiveness during the period. Currently, there are still some moving pieces and there is the
As included in our previous post https://ggcpaservices.com/blog/faq-on-ppp-loan-forgiveness-first-release/, the SBA is offering guidance in the loan forgiveness process, which includes the scenario of rejection of the PPP forgiveness. In many cases, the PPP application was prepared by CPAs, EAs, bankers, consultants and other business professionals. These professionals are already aware of the PPP application, support provided with
On August 4, 2020, the Small Business Administration (SBA), in consultation with the U.S. Treasury Department, issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness. This is the first release of clarification for the loan forgiveness as FAQs and we consider it a step
As expressed in our previous post titled " Deduction of PPP expenses? IRS Notice 2020-32 says no, but it might change " from May 2020, we mentioned that the legislators were planning to introduce legislation to allow the deductibility of expenses covered with PPP funds. After the IRS issued Notice 2020-32, several legislators commented that the IRS
We have had some conversations with clients asking if they should apply as soon as possible for the PPP application. Our response is "There is no need to rush as you might not need it or it might even be easier if you wait". The AICPA blog post has strong arguments to delay it as
The House extended the PPP for another five weeks as there are still resources available to business owners. Additionally, there is a push to streamline the forgiveness for loans under $150,000. The new legislation would require to submit a one-page attestation form to the lender. Note that business owners, banks, tax professionals and other groups are
The first recording of Resolve it in 30 program for the hot topic of "Steps to maximize PPP loan forgiveness" brought to you thanks to the extraordinary GPHCC team - Jennifer Rodriguez, Javier Suarez, Keiren O'Connell and Yael Tacher for making it possible. Also, a big shut-out to my partners Brian Greenberg, and Erica Greenberg
