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The Thomas Howell Ferguson Blog

What Not-for-Profit Organizations Should Know About the Second Round of the Paycheck Protection Program (PPP)

On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits, and Venues Act (the 2021 Act) was signed into law. It includes additional funding for the Paycheck Protection Plan (PPP) and expands eligibility to certain not-for-profit organizations. The 2021 Act does the following: Provides another $284 billion in funding for the PPP; Allows […]

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Paycheck Protection Program (PPP) Second Draw Q&A

In December, Congress passed a bill allotting $284 billion in new funding. The Paycheck Protection Program (PPP) Second Draw will provide the hardest-hit businesses a chance at a second loan. The PPP 2.0 makes other changes too, including eligibility and limits for some loan sizes. Dennis Gallant answers some commonly asked questions on the Second […]

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Key Takeaways from the Second Round of the Paycheck Protection Program (PPP)

What are the key takeaways from the second round of the Paycheck Protection Program (PPP)? The Consolidated Appropriations Act (CAA) 2021 permits certain small businesses who received a Paycheck Protection Program (PPP) loan and experienced a 25% reduction in gross receipts to take a PPP Second Draw Loan of up to $2 million. Who is […]

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Paycheck Protection Program (PPP) – Payroll Costs Q&A

Additional answers have been posted by the SBA pertaining to the Payroll Protection Program (PPP) payroll costs.  Here is a sample of questions and answers that have been posted. Do PPP loans cover paid sick leave under payroll costs? What period of time should borrowers use to determine their number of employees and payroll costs […]

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Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness

Business owners are wondering if their Paycheck Protection Program (PPP) loan will affect their deductions when they file their tax returns and what portions of the loan will be deductible.  Here is an update from our COVID-19 team leaders on this issue. Late yesterday evening, the IRS released guidance regarding the deductibility of certain expenses businesses […]

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How Does Gross Income Affect Expenses Forgiven Under the PPP?

How does gross income affect expenses that can be forgiven under the Payroll Protection Program (PPP)? Under the Cares Act, a recipient of a covered loan can receive forgiveness on the loan (covered loan forgiveness) in an amount equal to the sum of payments made for the following expenses during the 8-week “covered period” beginning […]

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Will my business be audited if I take the Paycheck Protection Program (PPP) loan?

Will there be an audit of my business if I take the Paycheck Protection Program (PPP) loan? Business owners are wondering if their companies will be audited if they take the Paycheck Protection Program (PPP) loan. The Treasury Secretary, Steven Mnuchin, said that the government will perform a full audit on any company taking out […]

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Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)

On Tuesday afternoon, the Senate agreed on a $484 billion Coronavirus relief package for small businesses, hospitals, and testing.  The House could approve the bill as early as Thursday. What does this deal include? $310 billion total for the Paycheck Protection Program (PPP), with $250 billion unrestricted and $60 billion set aside for smaller institutions. […]

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Senator Rick Scott Meets with CPAs to Focus on PPP Loans

United States Senator Rick Scott (R-FL) participated in a virtual town hall with the Florida Institute of Certified Public Accountants’ (FICPA) leadership and board members, including THF Shareholder and current FICPA Board member, Julian Dozier, on April 21, 2020. Also participating in the call was THF Director, Steve Stevens, former President of the FICPA’s Board. Topics included: […]

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What is the Main Street Lending Program from the Federal Reserve?

What is the Main Street Lending Program from the Federal Reserve? The Federal Reserve has taken additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the […]

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