PPP Round 2 Forgiveness
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.
Tying Up The Loose Ends From PPP Draw 1
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.
PPP Forgiveness Application Timing
As many of you begin gathering information for the completion of your PPP applications, there is a growing conversation about the timing of your application and when it would be best to apply. Based upon our interpretation, it would be best for all applications to be approved in 2020 as opposed to 2021 if possible…
PPP Forgiveness Update
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…
PPP Extension – Flexibility Act
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…
PPP Forgiveness Application Guidance
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…
PPP Interest Forgiveness Update
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…
IRS Releases Guidance on PPP Loan Forgiveness
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…