Resources

Paycheck Protection Program Flexibility Act of 2020

Late Wednesday, June 3, 2020, the Senate passed the Paycheck Protection Program Flexibility Act of 2020 (the “Act”) that enhances several of the provisions of the Payroll Protection Program (PPP) enacted as part of the CARES Act. The Act has now been sent to the President for signature. In the CARES Act, PPP borrowers were … Continued

SBA PPP Loan Forgiveness IFR

On Friday, May 22, the SBA followed up the release of Form 3508, the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans with an Interim Final Rule (IFR), finally clarifying some of the provisions related to forgiveness of PPP loans. There are several items that borrowers should be aware of that came from the … Continued

PPP Forgiveness Application Released

On Friday, May 15, the SBA released Form 3508, the Loan Forgiveness Application for the Paycheck Protection Program (PPP) loans. Recipients of PPP loans will complete the application and submit to the lender from whom they received their PPP loan. The application consists of a three-part calculation to determine the amount eligible for forgiveness. First, … Continued

SBA extends the PPP repayment deadline for self-certification

The Small Business Administration (SBA) has extended the repayment deadline for Payroll Protection Program (PPP) borrowers that wish to take advantage of the “good faith” self-certification of eligibility option. The deadline is now automatically extended from May 7, 2020, to May 14, 2020. Companies that repay their loans by that date preempt the possibility of … Continued

Payroll Protection Program – Loan Forgiveness

As part of the Nation’s response to the economic impacts of COVID-19, the Payroll Protection Program (PPP) was enacted as part of the CARES Act, which provided $350 billion in loans to assist businesses with payroll, rent, interest, and utilities payments. The original funding was exhausted quickly, and the PPP received an additional $310 billion … Continued

Congress expands small business COVID-19 relief

The President has signed the Paycheck Protection Program and Health Care Enhancement Act, the latest in a series of federal measures intended to provide relief in response to the novel coronavirus (COVID-19) pandemic. The $484 billion legislation, which is being referred to as the Interim Stimulus Plan, amends the Coronavirus Aid, Relief and Economic Security … Continued

The IRS announces new COVID-19-related assistance for taxpayers

The IRS and the U.S. Department of Treasury have announced new relief for federal taxpayers affected by the coronavirus (COVID-19) pandemic. The IRS had already extended certain deadlines to file and pay federal income taxes and estimated tax payments due April 15, 2020, without incurring late filing penalties, late payment penalties or interest. The additional … Continued

COVID-19 Update: Payroll Protection Program

On March 27, 2020, the President signed the Coronavirus Aid, Relief, and Economic Security Act (the Act) to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic. The Small Business Administration (SBA) received funding and authority through the Act to modify existing loan programs and establish a … Continued

COVID-19 Update: SBA Loans

The Small Business Association (SBA) has released a sample application and information fact sheet for the Payroll Protection Program Loans (PPPL). The PPPL are available starting on Friday, April 3 for businesses and Friday, April 10 for self-employed individuals. They are available to businesses and 501(c)(3) nonprofits with less than 500 employees. The loans are … Continued

Questions on Coronavirus? Visit Allinial Global’s Covid-19 Resource Center

Our affiliation with Allinal Global expands both our geographic reach and scope of services. Allinial Global is an association of accounting and consulting firms whose members reinforce client service by exchanging expertise, resources, and advice in a wide range of industries. Founded in 1969, Allinial Global is one hundred members strong and growing, with locations … Continued