COVID-19 – 07-01-20 BULLETIN RELEASE – PPP Loan Forgiveness & Provider Relief Fund

Forgiveness Application After much anticipation, the SBA has released new forgiveness applications and additional guidance regarding the recent changes put in place with the Paycheck Protection Program Flexibility Act (PPPFA). The SBA provided two applications and related instructions – the abbreviated Form 3508EZ and the detailed Form 3508. Both applications clearly allow for the 24-week … Continued →

COVID-19 – 06-10-20 BULLETIN RELEASE – PPP Loan – Revised Flexibility Act

Looking back at the COVID whirlwind, the original PPP loan legislation was rapidly drafted and signed into law the week of March 23, 2020, which was concurrent with many State Governor’s forcing business closures and issuing stay at home orders due to COVID. The timing of these events was a disaster to the PPP loan … Continued →

COVID-19 – 05-19-20 BULLETIN RELEASE – PPP Loan Forgiveness Further Guidance

Late in the day, Friday, May 15, 2020, the SBA came out with the instructions and application borrowers will use to request PPP loan forgiveness from their lender. While this new information provides some welcomed relief to pieces of the forgiveness puzzle for many, it falls short in answering all outstanding questions that still remain … Continued →

COVID-19 – 05-04-20 BULLETIN RELEASE – PPP Loan – IRS Guidance

Just when we thought things were settling down a bit, bad news from IRS Chief Counsel’s office hits at the end of last week in Notice 2020-32.  This Notice details the IRS position on “covered expenses” paid which qualify for PPP loan forgiveness, and whether those covered expenses are deductible business expenses. The IRS has … Continued →