On Friday, May 15th, the SBA in consultation with the Treasury released an application and instructions for PPP loan forgiveness.
On Wednesday, May 13, the SBA issued additional guidance extending an automatic safe harbor to borrowers with PPP loans less than $2 million. These borrowers are deemed to have made the required certification in good faith. This bright-line test is a relief for many who applied for loans and had concerns that some future SBA…
Paycheck Protection Program Update (Part III) with Dent Moses Managing Partner, Mike Baker; Dent Moses Partner, James Moody; and SBA Lender, Nicole Reed of Capital Solutions.
It’s been an intense couple of weeks. The next task for those who submitted loan applications for the Paycheck Protection Program (PPP) will be to determine how much of the loan will be forgiven. The attached template should help – it is intended as a planning tool. Guidance is sparse and we expect the administration…
Paycheck Protection Program Update (Part II) with Dent Moses managing partner, Mike Baker and SBA Lender, Nicole Reed of Capital Solutions.
Included in this post is the CARES Act and Unemployment Insurance Frequently Asked Questions as well as a COVID-19 Benefits Available – PDF table available here or at the bottom of the article.
Dent Moses managing partner, Mike Baker and SBA Lender, Nicole Reed of Capital Solutions, discuss the latest guidance and frequently asked questions concerning the Paycheck Protection Program in the following video.
The recently enacted Coronavirus Aid, Relief, and Economic Security (CARES) Act provides a refundable payroll tax credit for 50% of wages paid by eligible employers to certain employees during the COVID-19 pandemic. The employee retention credit is available to employers, including nonprofit organizations, with operations that have been fully or partially suspended as a result of a government order limiting commerce, travel or group meetings. The credit is also provided to employers who have experienced a greater than 50% reduction in quarterly receipts, measured on a year-over-year basis.
The program is set to go LIVE APRIL 3 – Act Now to participate! On Friday, the CARES Act was signed into law. One of the most significant provisions for small business and non-profits is the Paycheck Protection Program, or PPP. The PPP provides a government-guaranteed loan to small businesses, and in most cases a large…
Great overview of SBA Loan Programs Prepared by the US Chamber of Commerce.