Breaking News: Earlier today (January 8, 2021), the U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced the Paycheck Protection Program (PPP) will re-open to eligible borrowers next week.
All eyes are on the latest COVID-19 relief package passed by Congress and awaiting President Trump's approval. This new bill extends two employer payroll tax credits—the employee retention credit and the credit for coronavirus-related paid sick and family leave. Because the President has not yet signed the bill, the information here is preliminary and subject to change.
It is expected that President Trump will sign into law the 2021 Congressional Appropriations Act (“Act”). We will be providing additional details related to the Act over the next several weeks, but this article provides a brief summary of three provisions.
Lenders are being required by SBA to send Loan Necessity Questionnaires to borrowers with Paycheck Protection Program (PPP) loans of $2 million or more. There are also questions surrounding a second round of PPP loans.
Many small businesses across the United States are waiting for a promised second round of Paycheck Protection Program loans. While we wait, here is some general information about the Program and the latest updates.
Kentucky small businesses may qualify for a non-refundable tax credit of up to $25,000 on their state income tax return through the Kentucky Small Business Tax Credit (KSBTC) program. The program is available to most for-profit businesses with 50 or fewer full-time employees.
The clock is ticking: When do I have to file my Paycheck Protection Program Loan forgiveness application?
The latest questions in PPP-land involve timing. When does my forgiveness application have to be filed? If I have to make principal and interest payments, when do the payments begin? Let's start with when to file your forgiveness application.
The IRS has issued guidance on President Trump's Executive Order to defer employee Social Security taxes. We have summarized the key points of the IRS guidance below.
The Main Street Lending Program is now fully operational. Eligible borrowers have access to a variety of loan options depending on whether they operate a for-profit or not-for-profit entity. Find the key terms for the Program here!
New Paycheck Protection Program loan information keeps coming. We have updates on the new loan forgiveness applications and when you can expect further guidance.