Paycheck Protection Flexibility Act

Article Update: As of June 5, 2020, the president signed the Paycheck Protection Program Flexibility Act into law.

On June 4, 2020, the U.S. Senate passed the House version of a bill designed at providing more flexibility for borrowers that are utilizing the Paycheck Protection Program loans to keep their businesses afloat during the COVID-19 pandemic. With unanimous bipartisan support, the bill now passes to the president, who is expected to sign.

Read More

Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, Paycheck Protection Flexibility Act, PPF, PPP Loan

Pivotal Guidance Regarding the PPP Loan Forgiveness

On Friday, May 22, 2020, the Small Business Administration issued a pair of documents containing much-needed guidance for borrowers and lenders participating in the SBA’s Paycheck Protection Program (PPP).

Read More

Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

Paycheck Protection Program (PPP) Pitfalls

UPDATE: The SBA has extended the grace period to May 14, 2020.  All other aspects remain unchanged.

The Paycheck Protection Program (PPP) is one of the most influential aspects of the CARES Act legislation enacted by the U.S. Congress to combat the economic effects of the COVID-19 pandemic. In two massive tranches of funding, the PPP pumped nearly $660 billion into the economy and, through the Small Business Administration (SBA), down into the hands of small businesses that are and remain in desperate need.

Read More

Topics: Accounting Tips, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, loans

You Have Your PPP Loan, Now What?

This article was co-authored by Collin Kanelakos, Partner, Assurance Services.

 

So, you’ve submitted your SBA Paycheck Protection Program (PPP) application and you might have even received your loan proceeds, but important work still remains. It is critical for you to closely manage and account for your PPP loan proceeds, not just for cash flow purposes but for accounting purposes in order to apply for your PPP loan forgiveness. The amount of documentation you will ultimately need for the forgiveness component of this loan will be substantial, so get your process in place now to shorten the lag of this ultimate forgiveness.

Read More

Topics: Accounting Tips, Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

CARES Act Paycheck Protection Program Loan Applications NOW Available!

Information continues to come from the U.S. Treasury and the U.S. Small Business Administration about much-needed relief for American small businesses. For a refresher on the key loan options available for small businesses, please see LGT’s analysis of the Paycheck Protection Program (PPP) here, the Emergency Economic Injury Disaster Loan (EIDL) program here, and a comparison of the two types of loans here. Applications for EIDLs are already available online for download, and now so is the PPP Application Form! Before diving in to complete the application, however, take a few minutes to get familiar with some key provisions of the PPP application and process below, and don’t forget to download and review the full PPP Information Sheet from the U.S. Treasury.

Read More

Topics: Tax, coronavirus, COVID-19, CARES Act, Paycheck Protection Program

CARES Act: SBA Emergency Economic Injury Disaster Loans

When the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act), became law on March 27, 2020, it brought with it large-scale programs aimed at bolstering small businesses across the nation.

Read More

Topics: small business, coronavirus, COVID-19, CARES Act, Paycheck Protection Program, loans

CARES Act: Payroll Tax Deposit Relief (Time Sensitive)

Posted by Matt Peck, CPA, Partner, Tax Services on Mar 30, 2020

The Coronavirus Aid, Relief, and Economic Security (CARES) Act contains immediate payroll tax relief for certain employers. Delaying payment of certain employer payroll taxes is not available to employers who receive debt forgiveness for a loan received under the CARES Act Paycheck Protection Program.

Read More

Topics: coronavirus, breakingnews, COVID-19, CARES Act, Paycheck Protection Program

The CARES Act Update: Paycheck Protection Program

Posted by Brad Gross, CPA, Partner of Tax Services on Mar 28, 2020

On Friday, March 27th, the Coronavirus Aid, Relief, and Economic Security (CARES) Act (the Act) passed the U.S. House of Representatives and was signed into law by the president.

The CARES Act is possibly the most sweeping economic stimulus package ever and is an ambitious and much-needed shot in the arm to a flagging economy hobbled by the coronavirus.

Read More

Topics: Accounting Tips, Tax, coronavirus, breakingnews, COVID-19, CARES Act, Paycheck Protection Program

Subscribe to Updates

Posts by Topic

Recent Posts