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 […]
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 […]
Read More… from Paycheck Protection Program (PPP) Second Draw Q&A
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 […]
Read More… from Key Takeaways from the Second Round of the Paycheck Protection Program (PPP)
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 […]
Read More… from Paycheck Protection Program (PPP) – Payroll Costs Q&A
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 […]
Read More… from Payroll Protection Program (PPP) – Deductible Expenses – Loan Forgiveness
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 […]
Read More… from How Does Gross Income Affect Expenses Forgiven Under the PPP?
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 […]
Read More… from Will my business be audited if I take the Paycheck Protection Program (PPP) loan?
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. […]
Read More… from Senate Votes to Push Additional Money to Paycheck Protection Program (PPP)
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: […]
Read More… from Senator Rick Scott Meets with CPAs to Focus on PPP Loans
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 […]
Read More… from What is the Main Street Lending Program from the Federal Reserve?
Paycheck Protection Program (PPP), Can the Loan Be Forgiven?
Can my Paycheck Protection Program (PPP) loan be forgiven in whole or in part? Can my Paycheck Protection Program (PPP) loan be forgiven? Yes. The amount of the Paycheck Protection Program (PPP) loan forgiveness can be up to the full principal amount of the loan and any accrued interest. That is, the borrower will not […]
Read More… from Paycheck Protection Program (PPP), Can the Loan Be Forgiven?
CARES Act – Things You Need To Know – Get The Facts
Payment Protection Program (PPP) – This is a program that was included in the CARES Act and was enacted into law on March 27, 2020. This is an 800+ page bill. Here are a few fast facts to highlight things you need to know now, especially if you decide it makes the most sense for […]
Read More… from CARES Act – Things You Need To Know – Get The Facts
Paycheck Protection Program (PPP) – Loan Details
The Paycheck Protection Program (PPP) loan can help many businesses, but what are the loan details? Check out the specifics below. What is the interest rate on a Paycheck Protection Program (PPP) loan? The interest rate will be 100 basis points or one percent. The Administrator, in consultation with the Secretary, determined that a one […]
Read More… from Paycheck Protection Program (PPP) – Loan Details
Paycheck Protection Program (PPP) – How much can I borrow?
I have determined that I am eligible for the Paycheck Protection Program (PPP). How much can I borrow? Under the Paycheck Protection Program (PPP), the maximum loan amount is the lesser of $10 million or an amount that you will calculate using a payroll-based formula specified in the CARES Act, as explained below. How do […]
Read More… from Paycheck Protection Program (PPP) – How much can I borrow?
Paycheck Protection Program (PPP) – Can I be ineligible even if I meet the requirements?
Paycheck Protection Program (PPP) Eligibility Requirements You are eligible if you are: A small business with fewer than 500 employees A small business that otherwise meets the SBA’s size standard A 501(c)(3) with fewer than 500 employees An individual who operates as a sole proprietor An individual who operates as an independent contractor An individual […]
Paycheck Protection Program (PPP) – Impact on Business
In this time of rapidly changing information, we are here to provide answers to some of the Paycheck Protection Program (PPP) questions businesses have. What is the Paycheck Protection Program (PPP)? The Paycheck Protection Program (PPP) is intended to provide a direct incentive for small businesses to keep their workers on payroll. Loans guaranteed under […]
Read More… from Paycheck Protection Program (PPP) – Impact on Business
