When the COVID-19 pandemic begins to finally ease, will your business be ready to ramp up operations? The real question here, of course, is whether businesses will be able to operate the way they’ve traditionally operated. Company leaders must strategically plan for what’s next — the “new normal.” What Is the New Normal? What does […]
Many borrowers who received the Paycheck Protection Program (PPP) loans under the CARES Act are understandably restless to apply for loan forgiveness. There are are many factors affecting the forgiveness application process such as: Most lenders do not have the technology in place to process the forgiveness applications. Until the Small Business Administration and the […]
Around the world, businesses are emerging from various pauses and lock downs, some in better shape than others. Many businesses continue to grow and prosper, and many likely are doing so through a merger or acquisition. Others are looking to merge into or be acquired by other businesses. The M&A market was active before the […]
The Small Business Administration has released the revised Paycheck Protection (PPP) Loan forgiveness application which reflects the changes made to the PPP made on June 5th. The revised PPP forgiveness application is linked below: https://www.sba.gov/…/sba-form-paycheck-protection-program-… […]
Can an Employer that receives the Paycheck Protection Program loan receive the Employee Retention Credit as well? No, the provisions do not allow for an employer to receive the Employee Retention Credit if the employer also receives the PPP loan. Under the aggregation rules we are treated as a single employer. If one of the […]
Starting June 15th the Small Business Administration will begin accepting new Economic Injury Disaster Loan (EIDL) and EIDL advance applications. The loan advance of up to $10,000 is designed to provide economic relief to businesses that are currently experiencing a temporary loss in revenue. Both Small business owners and qualified agricultural businesses in all U.S. […]
One of the most significant features of the SBA’s Paycheck Protection Program is the forgiveness provision—the loans become grants for companies that use the loans to maintain their workforce levels. Companies that have met the stringent requirements need to fill out a form and follow instructions carefully—they include several measures to reduce compliance burdens and simplify the […]
Congress recently passed legislation to loosen some of the restrictions that came with the popular Payroll Protection Program. As of June 4, both the House and the Senate have passed these new provisions with near-unanimous approval and the president is expected to sign the bill. The new law runs only about 1,000 words, but contains […]
Now that small businesses across the county have begun to receive their paycheck protection loan proceeds many will ask themselves, how do I insure I use these proceeds properly in order to maximize the portion that qualifies for forgiveness. Below are Q&A’s of some of the most commonly asked questions regarding loan forgiveness under the […]
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage eligible employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit). The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay […]