PPP LOAN FORGIVENESS

Time to Start Thinking About First Draw PPP Loan Forgiveness

We are a year into the Covid-19 pandemic, a year into stay-at-home orders and shutdowns – all of which have dramatically affected our businesses. With vaccines becoming more widely available and an additional stimulus package ready to be signed into law, things are hopefully looking up for the health of our families and for our…

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Schedule C Filers

Schedule C Filers, Rejoice!

The SBA issued new Paycheck Protection Program guidelines allowing those that are self-employed and file Form 1040, Schedule C to calculate their maximum loan amount using gross income instead of net profit. Larger loans could help the self-employed and gig workers that have been hit particularly hard by the economic downturn survive the pandemic. These…

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PPP Flexibility Act

The Paycheck Protection Program Flexibility Act is new legislation that makes some much needed adjustments to the loan program, easing some restrictions on small businesses as they seek loan forgiveness. The bill is just awaiting President Trump’s signature. Changes include: -Current PPP borrowers can choose to extend the eight-week period to 24 weeks, or they…

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Is Your PPP Loan “Necessary”?

New guidance has been issued from the SBA regarding the qualifications of the Paycheck Protection Program Loan. This new guidance clarifies the “current economic uncertainty” requirement that a borrower needs to meet in order to apply for the loan. Whether you have already received PPP Loan funds, or expect to, it is important to understand…

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