Small businesses have a new loan forgiveness option

The Small Business Administration has introduced a third forgiveness application to the Paycheck Protection Program.  Late in the day on October 8th, the SBA released Form 3508S, which is an application suitable for small businesses with PPP Loans of not more than $50,000. 

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Topics: PPP Loan

PPP loans and ownership changes

The Paycheck Protection Program has provided crucial relief to small businesses affected by the COVID-19 pandemic.  While the Program provided timely relief to businesses across the country, the swift implementation of such comprehensive legislation has left some business owners with unanswered questions.

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Topics: PPP Loan

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.

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

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