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PPP Forgiveness – Specialized Form for PPP loans under $50k

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

By |2021-01-05T10:42:56+00:00October 10th, 2020|Categories: Business|Tags: , , , , |

PPP Forgiveness applications opening up

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

By |2021-01-05T10:46:39+00:00September 22nd, 2020|Categories: Business|Tags: , , |

PPP loan forgiveness rejection? SBA offers guidance (Representation limited to attorneys)

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

By |2021-01-05T10:48:18+00:00August 18th, 2020|Categories: Business|Tags: , , , , |

FAQ on PPP Loan Forgiveness (first release)

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

By |2021-01-05T10:48:49+00:00August 11th, 2020|Categories: Business|Tags: , , , |

PPP – Expense deductibility supported by legislators

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

By |2021-01-05T11:14:26+00:00August 4th, 2020|Categories: Business|Tags: , , , |

Should I prepare my PPP forgiveness application asap? No, there is no rush

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

By |2021-01-05T11:15:55+00:00July 28th, 2020|Categories: Business|Tags: , |

PPP extended until August 8, 2020 – Streamline forgiveness under $150k?

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

By |2021-01-05T11:21:17+00:00July 2nd, 2020|Categories: Business|Tags: , , , |

Steps to maximize PPP loan forgiveness – 30 minutes video (Resolve it in 30 – GPHCC)

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

By |2021-01-05T11:26:52+00:00June 18th, 2020|Categories: Business|Tags: , , , , |

Partial PPP Loan Forgiveness Remains if 60% Threshold not Met

On a joint statement Monday from SBA Administrator Jovita Carranza and Treasury Secretary Steven Mnuchin clarified that partial loan forgiveness will also be available under the 60% threshold. Statement - https://home.treasury.gov/news/press-releases/sm1026 Article - https://www.journalofaccountancy.com/news/2020/jun/partial-ppp-loan-forgiveness-remains-60-percent-threshold.html

By |2021-01-05T11:33:03+00:00June 9th, 2020|Categories: Business|Tags: , , , |

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 |2021-01-05T11:37:20+00:00May 26th, 2020|Categories: Business|Tags: , , |
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