PPP

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Status update – PPP Direct Borrower Forgiveness Portal

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

By |2021-08-19T09:54:42+00:00August 19th, 2021|Categories: Business|Tags: , , , , , , |

PPP forgiveness streamlined – Direct forgiveness option and Covid Revenue reduction score for 2nd round

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

By |2021-08-13T19:16:46+00:00August 13th, 2021|Categories: Business|Tags: , , , , , , , , |

The SBA PPP is closed (no more funds)

Last night, the SBA PPP portal was closed to the financial institutions. No more applications were able to be submitted today. The question is what will happen to the applications submitted but not yet approved. Note that there are around $8 billions on the side for minority groups and around $6B for applications with error

By |2021-05-05T21:32:57+00:00May 5th, 2021|Categories: Business|Tags: , , , |

PPP change for Schedule C (self-employed) – You can now use Sales/Revenue

PPP keeps changing, if last week, it allowed ITIN holders, individuals with prior criminal records unrelated to fraud, etc. Now, they are allowing self-employed individuals (Schedule C) to use the revenues/sale amount to calculate the maximum loan amount (capped at around $20k based on the maximum annual salary of $100k). This change will allow taxpayers

By |2021-03-08T08:20:35+00:00March 3rd, 2021|Categories: Business|Tags: , , , , |

PPP expands its reach – Access non US citizens, prior non-fraud felony convictions, etc.

From tomorrow February 24th, 2021, the PPP will accept applications from business owners that were not accepted in the past, such as non-citizens with ITIN. Please, see below some details extracted from the SBA note: "These simple progressive steps by the Biden-Harris Administration further demonstrate the commitment to racial and gender equity, reaching low and

By |2021-02-23T17:25:37+00:00February 23rd, 2021|Categories: Business|Tags: , , , , |

Status 2nd round PPP – Around 36% approved (SBA Press released 21-15)

Out of the $288 billion for the second round of PPP, around $103 billion (around 36%) have been approved as of earlier this week. The SBA has released some relevant details on how the majority of the loans are for amounts under $100k. Release Date: February 10, 2021     Release Number: 21-15 This week, the

By |2021-02-10T18:31:34+00:00February 10th, 2021|Categories: Business|Tags: , , |

Employee Retention Credit – Waiting on further guidance

The Employee Retention Credit (ERC) is one of the most complex tax credits in these stimulus packages. Initially, you could not get PPP and the employer retention credit. There was a previous post that discussed this matter. Now, it seems that the IRS is addressing only if no forgiveness PPP is available to the business

By |2021-01-31T03:57:29+00:00January 31st, 2021|Categories: Business|Tags: , , , , |

Second round PPP – Apply now

Back on January 8, 2021, the SBA release the new guidance for PPP: A borrower is generally eligible for a Second Draw PPP Loan if the borrower: Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; Has no more than 300 employees; and Can demonstrate

By |2021-01-21T23:14:04+00:00January 19th, 2021|Categories: Business|Tags: , , , , , , |

New PPP forgiveness applications released on Jan 19, 2021 – Under $150k no submission of support

In some of our previous posts, we mentioned that the financial institutions, Chambers of Commerce, small business groups, etc. were pushing for the increase of the threshold of form 3508 from the initial amount of $50,000 to the $150,000.  In fact, some of the financial institutions stopped the forgiveness process intake (or never started it)

By |2021-01-22T22:18:46+00:00January 19th, 2021|Categories: Business|Tags: , , , , , |

2nd round of PPP – Calculation 25% reduction of revenue

The SBA and the Treasury have release guidance (18 page document) on how the 2nd round of PPP should be calculated for the 25% reduction of revenue 2020 Q vs 2019 Q. For the majority of the business, the main impact was experienced on the second quarter of 2020 due to the lockdowns and restrictions

By |2021-01-22T21:53:45+00:00January 19th, 2021|Categories: Business|Tags: , , , , , , |
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