The second draw of the Paycheck Protection Program (PPP) ended on May 31, 2021. Many of our clients were eligible to apply for a second draw of funding. If you are one of those lucky individuals, you likely are now eligible to apply for forgiveness for your second draw.

The majority of our clients have applied for and been granted forgiveness for PPP Round 1. This should be a straightforward and fairly simple process with your bank. If you have not done so already, now is the time to get this application done.

Banks will begin accepting applications this week for the second draw of PPP loans for eligible businesses. In many ways, this second round of funding will be very similar to the first.

Congress has finally passed the long-awaited 2nd COVID-19 Relief Bill. We are hopeful that President Trump will make the bill final very soon. I’ve read this is the longest bill in history at a whopping 5,600 pages! As you can imagine, there are many provisions within the bill…

It is that time of the year again! Time to make sure you have crossed all year-end planning items off your list. This year has undoubtedly come with some unique challenges, and with that has come some unique items to your year-end planning list.

The SBA recently released a simplified forgiveness application for those of you that borrowed less than $50,000 under the PPP program. This is the simplified forgiveness application we were waiting on…

The Senate has passed the Flexibility Act which will provide some much-needed relief to business owners who took out a PPP loan. The Bill has not yet been signed in to law by the President, but this is expected to happen soon. Here are a few key points on the Bill and how it may affect your PPP loan strategy…

We have all been anxiously awaiting for the SBA to clarify the PPP forgiveness process. On Friday, May 15th the SBA released the forgiveness application (found below) which outlines the process and documentation for forgiveness. This application and the guidance…

Our last email referenced interest expenses on loans under the PPP program.  While both mortgage interest and other interest are listed as ALLOWABLE expenses under the PPP, we cannot confidently advise that both allowable mortgage interest and other interest will both be forgivable.  It is clear that mortgage interest will qualify for loan forgiveness, forgiveness for other interest is still debatable.  For the majority of clients…

The IRS issued a notice late last week to clarify the PPP loan forgiveness and the deductibility of the expenses that are taken into consideration while in your PPP covered period. The notice states…

At PFM, we work with clients all over the country, with all types of practices, and with all levels of cash reserves. For this reason, our advice has never been and never will be “one size fits all.” This could not be more true in the times we face today.