Questions about employee bonuses, payments made to owner employees and the Small Business Administration’s (SBA) authority to audit Paycheck Protection Program loans (PPP) were answered just before the long Memorial Day...more
5/29/2020
/ Bonuses ,
Borrowers ,
CARES Act ,
Coronavirus/COVID-19 ,
Hazard Pay ,
Interim Final Rules (IFR) ,
Lenders ,
Loan Forgiveness ,
Paycheck Protection Program (PPP) ,
SBA ,
SBA Lending Programs ,
Small Business ,
Small Business Loans
The Small Business Administration finally released its much anticipated forgiveness application for borrowers who received a Paycheck Protection Program (PPP) loan. It has been nearly two months since the program was signed...more
One long week after the U.S. Treasury announced that it was extending the Paycheck Protection Program Loan “safe harbor” deadline to May 14, the U.S. Treasury announced this morning that borrowers whose loan amount (combined...more
5/14/2020
/ Audits ,
Borrowers ,
CARES Act ,
Certification Requirements ,
Coronavirus/COVID-19 ,
Federal Loans ,
Good Faith ,
Loan Repayment Issues ,
Paycheck Protection Program (PPP) ,
Safe Harbors ,
SBA ,
SBA Lending Programs ,
Time Extensions ,
U.S. Treasury
The Treasury Department just issued a warning to “all borrowers” scooping up funds from the pool of billions of dollars of potentially forgivable loan money from the Small Business Administration’s Paycheck Protection Program...more
Less than a week after the Small Business Administration (SBA) announced that the $350 billion in small business loan funds had been exhausted, the Senate passed a $484 billion spending bill yesterday which adds an additional...more
The Coronavirus Aid, Relief and Economic Security (CARES) Act provides much-needed economic relief to businesses impacted by the COVID-19 crisis. However, this much-needed relief comes with great confusion, particularly for...more