A common question we get is whether PPP loan recipients can apply for forgiveness before the end of their covered period. The SBA released a new interim rule to provide clarity on this issue. Borrowers can apply for loan forgiveness before the end of their covered period. However, if the borrower has reduced any employee’s wages by more than 25%,… Read More
Archive for June, 2020
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New PPP Loan Forgiveness Application
On Wednesday, June 16th, the SBA and Treasury released a revised Paycheck Protection Program application to reflect the program changes brought by the Paycheck Protection Program Flexibility Act. There are two applications: Revised PPP Loan Forgiveness Application and instructions EZ PPP Loan Forgiveness Application and instructions The new EZ Application If you’re eligible, the EZ application requires fewer calculations and… Read More
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What the Paycheck Protection Program Flexibility Act Means for Business Owners
The Paycheck Protection Program Flexibility Act (PPPFA), passed Friday, June 5th, has the goal of making it easier for PPP loan recipients to qualify for forgiveness. Here are the major changes: Extended Covered Period Prior to PPPFA, borrowers had to spend their loan funds within an 8-week Covered Period following the receipt of their funds. Now, borrowers have 24 weeks… Read More
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How the SECURE Act Impacts Your Business
The Setting Every Community Up for Retirement Enhancement Act of 2019, also known as the SECURE Act, passed in December of 2019 with the goal of increasing access to retirement accounts and helping Americans save for their retirement. Employers can look forward to greater accessibility and tax credits, but should also be wary of greater penalties and fines when failing… Read More