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
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
Our partners and team members review daily articles, posts, etc. from different sources (this is not a comprehensive list) and communications from other CPAs, EAs, accountants, and tax professionals. We have noted a faster pace of changes in the tax and accounting professional industry, with many examples in the recent years. Example 1 - Tax
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
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)
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
The SBA is no longer deducting the EIDL advance loan ($1,000 per employee up to $10,000) from the PPP loans and leaving that amount as a loan even if the PPP is forgiven. If you have paid fully or partially the SBA EIDL advance back, contact your financial institution to get back those funds. Link
A few months back, several media organizations requested the disclosure of PPP information and filed a lawsuit under the Freedom of Information Act. There were concerns over a lack of transparency on this SBA program. In July 2020, the SBA had released the borrowers information for all loans over $150,000. On November 5, 2020, the
