COVID Resources

Paycheck protection program

Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act

Employee Retention Tax Credit- Understanding changes made by the Credit Consolidated Appropriations Act You may have seen or read about the Employee Retention Tax Credit (ERC) that was introduced with the CARES Act and clarified by the recent Consolidated Appropriations Act (CAA). The short version is, if your business was shut down or severely impaired…
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PPP2 Application & Additional Guidance

Late on January 6th, the SBA issued 120 pages of guidance in the form of Interim Final Rules. The revised application for Paycheck Protection Program Part 2 was released on January 8th.

The SBA will begin taking applications on January 11th although only new borrowers in underserved communities will have access today and tomorrow. On Wednesday, January 13th, all eligible entities nationwide will be able to apply.

Dent Moses is Here to Help with PPP Forgiveness Applications

Most banks have opened their PPP Forgiveness online portals and many clients are ready to apply for forgiveness of PPP loans.  We are here to help. Our tax and accounting advisors have spent the past 8 months following the PPP loan program as it was enacted, funded, and went through a series of changes over…
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Paycheck Protection Program Flexibility Act – June 5, 2020 Update

On Wednesday, June 3, the Senate passed the House version of the Paycheck Protection Program Flexibility Act of 2020. As its name suggests, the legislation is intended to give borrowers more flexibility by extending the amount of time to spend PPP funds and by relaxing other requirements. The bi-partisan legislation is expected to be signed by President Trump.

Good News for PPP Loans Under $2 Million

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…
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Paycheck Protection Program Forgiveness Template

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…
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