SBA Paycheck Protection Program - Direct Forgiveness Portal The SBA has officially launched a streamlined application portal to allow businesses with a Paycheck Protection Program (PPP) Loan of $150,000 or less to apply for forgiveness directly through the SBA. The Direct Borrower Forgiveness process is an...
Paycheck Protection Program Loans: Loan Forgiveness Deadlines Are Fast Approaching Established under the Coronavirus Aid, Relief and Economic Security (CARES) Act, the Paycheck Protection Program (PPP) allocated $349 billion in forgivable loans to small businesses in order to pay their employees during the COVID-19 crisis. What seemed...
Back in March, it seemed as if we were never going to get to this point. Our worlds were filled with a pandemic, quarantines, layoffs, executive orders, school closings, stimulus checks, increased unemployment benefits, and cancellations. But most of all it was filled with questions....
Fuller Lowenberg, CPAs has successfully helped over 160 businesses secure approximately $45,000,000 in Paycheck Protection Loans. Although most banks are not yet accepting PPP Loan Forgiveness applications, we are preparing for when they start processing applications. We have set-up a specialized PPP Department within our...
As the weeks have gone by without any new coronavirus-related legislation, it appears that the rules and regulations related to the Payroll Protection Program have started to solidify. We thought now would be a good opportunity to review some of the main components of the...
The Small Business Administration (SBA), in consultation with Treasury, has released both a new EZ and revised, full Paycheck Protection Program (PPP) loan forgiveness application. Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5,...
As part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Payroll Protection Program was established to provide relief to small businesses during the coronavirus pandemic. The legislation authorized Treasury to use the SBA’s 7(a) small business lending program to fund loans to...
New York Forward Loan Fund (NYFLF) is a new economic recovery loan program aimed at supporting New York State small businesses, nonprofits and small landlords as they reopen after the COVID-19 outbreak and NYS on PAUSE. NYFLF targets the state’s small businesses with 20 or fewer...
Early recipients of the Paycheck Protection Program (PPP) are now at the half way point of the 8 week use of funds period. The SBA has just released its first version of the Paycheck Protection Program Loan Forgiveness Application. The application includes some needed clarifications,...
How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request? Answer: When submitting a PPP application, all borrowers must certify in good faith that “[c]urrent economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” SBA, in consultation...
